Sibur stake is sold to owner of gas group Novatek
Rather out of the blue, Sibur owners Gazprombank have sold a 50% stake in the Russian petrochemical major to a company controlled by Leonid Mikhelson, CEO of Russia's second-largest gas producer Novatek. Mikhelson has the option to boost this to 100%.
What this means for Sibur is anyone's guess though Novatek would probably be a good source of natural gas for feedstocks. I am trying to source an interview with Sibur to discuss the implications of this move.
Gazprombank, a subsidiary of Russian gas giant Gazprom, sold the stake to Russia's ZAO Miracle. There is no sign of ZAO Miracle on the web, suggesting it is a holding company created for the purpose of this deal.
Gazprombank said in a separate statement that ZAO Miracle would have an option to acquire a 100% interest in Sibur. No other details of the transaction were disclosed. Sibur Holding has been controlled by Gazprom and Gazprombank since December 2005.