Russia's Sibur expects 2010 sales to rise by 38%

15 December 2010 15:07  [Source: ICIS news]

MOSCOW (ICIS)--Sibur's sales figures for 2010 are expected to rise by 38% compared with the year before to roubles (Rb) 223bn ($7.26bn, €5.43bn), the Russian petrochemical holding company said on Wednesday.

In the preliminary figures, Sibur also said it expected to invest Rb60bn in 2010 to upgrade its existing production units and build new facilities, up from Rb30bn last year.

The company intends to invest Rb70bn in 2011, Sibur CEO Dmitry Konov said.

Konov also announced Sibur planned to sign an agreement with India's Reliance Industries next week, to create a joint venture that would produce butyl rubber.

A $300m facility would be built in India to produce 50,000 tonnes/year of butyl rubber, he said.

In a separate development, Sibur announced on Wednesday that it had signed a memorandum of understanding with the US-based Fluor Corporation for the establishment of a joint venture based on NIPI Gazpererabotka, the Russian company's research and design institute for gas processing.

According to the memorandum, Fluor would have a 10% interest in the joint venture.

($1 = Rb30.70, €1 = Rb41.10)

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By: Sergei Blagov
+44 20 8652 3214

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