Russia’s SIBUR, TNK-BP agree on strategic partnership deals

25 July 2012 13:45  [Source: ICIS news]

MOSCOW (ICIS)--Russian petrochemical holding SIBUR announced on Wednesday that it had signed a series of strategic partnership agreements with TNK-BP to produce, process, and use hydrocarbon feedstock.

Both companies agreed to indefinitely extend the Yugragazpererabotka gas processing joint venture and extend all contracts related to it until the end of 2026, SIBUR said in a statement.

The companies also agreed that SIBUR would acquire a 25% stake in the Zaykinsky gas processing plant in 2013, after which both companies would jointly manage the plant, it said without disclosing financial details.

“SIBUR is consistently focused on expanding its resource base by using both associated petroleum gas and by-products of natural gas processing,” SIBUR Holding chairman Leonid Mikhelson was quoted as saying.

“The creation of the Yugragazpererabotka joint venture in 2007 has enabled our companies to significantly increase the utilized volumes of TNK-BP’s associated gas,” TNK-BP executive director German Khan was quoted as saying.

By: Sergei Blagov
+44 20 8652 3214

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