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SIBUR & Tatneft Sign Letter of Intent on Petrochemical Facilities in Togliatti

Source: www.gulfoilandgas.com 9/2/2019, Location: Asia

SIBUR and Tatneft signed a letter of intent with respect to Togliatti-based petrochemical facilities. Under the deal, SIBUR plans to sell and Tatneft plans to acquire certain production and other assets that are currently registered in the name of SIBUR Togliatti and Togliattisintez legal entities.

The assets include production facilities for various types of synthetic rubber used by Russia's and the world's leading tire manufacturers, for MTBE (high-octane fuel component), butadiene, isoprene, and other intermediates, as well as infrastructure of the industrial park accommodating a number of chemical and other technological companies.

For Tatneft, the acquisition is an opportunity to strengthen the vertical integration of its KAMA TYRES business and increase its value. After the acquisition, Tatneft intends to further develop the assets in line with its gas and petrochemical strategy. SIBUR – with its focus on establishing and developing global scale production of basic polymers, high-potential medium-tonnage products and premium special chemicals – will continue to cooperate with the Togliatti-based companies as partners.

The deal is expected to be closed by the end of 2019, including all corporate procedures, antitrust approvals, and other statutory formalities.

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