27 Apr - Russian SIBUR and TAIF to merge petchem operations
SIBUR and TAIF have agreed to merge their petrochemical businessess, according to a press release published on April 23.
Accordingly, existing TAIF shareholders will receive a 15% stake in PJSC SIBUR Holding after transferring the controlling interest in TAIF’s energy and petrochemical companies.
The merger is expected to make the new company’s petrochemical operations more competitive in the global market while facilitating feedstock distribution and the development of the petrochemical cluster in Tatarstan. The deal is also expected to help TAIF Group to substantially accelerate the key projects in its 2030 strategic development programme that will see over 1.5 trillion roubles ($20 billion) of investment over the next ten years.
The deal, which is subject to regulatory approvals and relevant corporate procedures, would create one of the five largest polyolefin and rubber producers in the world.