12 December 2011 14:03 [Source: ICIS news]
MOSCOW (ICIS)--Sibur is merging its subsidiary Sibur-Neftekhim with recently-acquired Acrylate, the only Russian and post-Soviet producer of acrylic acid (AA) and acrylic esters, the Russian petrochemical holding said on Monday.
The merger transaction is due to be completed by the end of 2012, the company added in a statement.
Sibur-Neftekhim is based at Dzerzhinsk in the Nizhny Novgorod region of c?xml:namespace>
It is just 2km (1.2 miles) from Sibur-Neftekhim, which supplies propylene to Acrylate, the statement said.
In 2005, Acrylate announced plans to upgrade the existing AA facility up to 60,000 tonnes/year by 2014. However, these plans have remained slow to materialise.
Sibur acquired Acrylate in July 2011.
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|