MOSCOW (ICIS news)--Russia’s OAO AKS Holding has been renamed OAO Sibur Holding, to take of advantage of the well-known brand among domestic and foreign petrochemical players, the company said in a statement on Monday.
AKS has been a key part of Gazprom's plan to restructure its petrochemical subsidiary, the Siberian Urals Petrochemical Co or Sibur.
In February, Gazprom approved a plan to restructure Sibur by setting up a new petchem entity to which Sibur would transfer all its assets in exchange for the Roubles40.1bn ($1.39bn/Euro1.17bn) Sibur still owes Gazprom. The old Sibur would remain as a financial operator of its remaining Roubles27.75bn debt, mainly to Russian banks.
In July, Sibur as well as it subsidiaries Sibur-Nefthekhim, Sibur-Tyumen, Sibur-TyumenGaz, Nefthekhim-Leasing, launched a new entity, OAO AKS Holding. In October, Russian regulators approved a takeover of a 100% stake in OAO AKS by Gazprom and Gazprombank.
The restructuring of Sibur was due to be completed by the end of Q3 2005 but neither Gazprom or Sibur have yet to announce the end of the restructuring programme.