23 May 2014 16:25 [Source: ICIS news]
LONDON (ICIS)--Russia-based producers Gazprom Neft, Titan Group and SIBUR on Friday agreed to establish a joint venture for the production of polypropylene (PP).
Gazprom and SIBUR have established a joint-held special purpose vehicle to acquire a 50% stake in Poliom, a Titan company that produces PP in Omsk, southwestern Siberia, the companies said.
Financial details of the deal were not disclosed.
The deal will see Gazprom supply Poliom with raw materials, and SIBUR to distribute the company’s products.
“This partnership will help enhance the efficiency across the entire production chain, from feedstock delivery to sales,” the companies said in a statement.
The Poliom board will consist of an equal number of directors from Titan and Sibgazpolimer, the joint venture set up by SIBUR and Gazprom to acquire the Poliom stake.
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