Last checked at 1 Nov 2019 14:42
Tatneft and SIBUR completed the transaction in relation to
petrochemical plant in Togliatti
1 November 2019
Tatneft completed the acquisition of SIBUR's petrochemical plant in Togliatti.
The agreement of intent regarding the acquisition of assets, including the production of various types of synthetic rubber, used for the manufacture of high-performance tyres by leading Russian and foreign producers: MTBE, butadiene, isoprene, was signed by the companies at the end of August 2019.
The transaction was approved by the Federal Antimonopoly Service of the Russian Federation on October 3, 2019 and was completed on November 1, 2019.
Tatneft expects that the completion of transaction will allow to satisfy the needs of its tire business (https://kamatyres.com/) for the main types of synthetic rubber.
Following the acquisition Tatneft plans to integrate the acquired asset into its manufacturing and product supply chains and to continue the production development within the framework of its petrochemical strategy.
SIBUR will focus on the creation and development of base polymers production of the universal applicability representing promising medium-scale and premium products specialty chemicals. At the same time, SIBUR will remain one of the key manufacturing partners of acquired plant.
This press-release contains inside information.
Forward-looking statements: This press release contains certain statements regarding future events and expectations, which are forward-looking in nature. Any statement in this press release that is not a historical fact is a forward-looking statement that involves known and unknown risks, uncertainties and other factors that could cause actual results, performance or achievements expressed or implied by such forward-looking statements to differ materially. PJSC TATNEFT shall assume no obligation to update such forecasts to reflect actual results, changes in assumptions or changes in factors affecting these statements.