The companies SIBUR and NOVATEK have concluded an agreement to acquire petrochemical holding company OJSC NOVATEK-Polymer. A share of the authorized capital of OJSC NOVATEK-Polymer to the amount of 32% is to be transferred at the conclusion of the contract. The remaining 68% of the authorized capital of OJSC NOVATEK-Polymer will be transferred to SIBUR after receiving approval from the Federal Anti-monopoly Service.
“The transaction is in line with SIBUR’s strategy to encourage the recycling of base polymers into its end products,” said SIBUR’s President, Dmitry Konov. “In the coming years, the company will repeatedly increase its production capacity for polypropylene, and the presence of a rapidly growing sales channel will increase the sale of polymers on the domestic market.”
OJSC NOVATEK-Polymer is a subsidiary of JSC NOVATEK. It produces more than a dozen types of insulating tapes and films based on polyethylene and polypropylene. Among them are polymer ribbons and wrappers, heat-shrinkage belts, cuffs to protect pipe welds, polyethylene pipes and fittings. The company is the largest manufacturer in Russia and the CIS of insulating corrosion-resistant materials for the insulation of underground transmission gas and oil product pipelines.