05 April 2011 16:31 [Source: ICIS news]
MOSCOW (ICIS)--Sibur has agreed to acquire a 26.3% stake in fertilizer maker Azot Cherepovets from a group of investors amid plans to divest its non-core fertilizer business, the Russian petrochemical major said in a statement released on Tuesday.
The company’s strategy to phase out the non-core lines of the business, either through a sale or merger with other producers of nitrogen fertilizers, has not been changed, it said.
The deal is expected to be concluded following the approval by regulatory authorities, Sibur added.
Sibur did not disclose any financial details related to the deal.
Earlier this year, Sibur said it plans to sell its Sibur Mineral Fertilizers subsidiary by the end of 2011.
This year, Sibur Mineral Fertilizers aims to produce 2.7m tonnes of mineral fertilizers, 1.6m tonnes of ammonia and 120,000 tonnes of caprolactam.
Azot Cherepovets, based in northern ?xml:namespace>
Russia-based PhosAgro was reported to be among potential buyers of Sibur Mineral Fertilizers.
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