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Sibur and Taif to merge petrochemical businesses
By Mary Page Bailey |
April 23, 2021
Sibur (Moscow, Russia) and TAIF have initiated a number of steps to combine their petrochemical businesses. Existing TAIF shareholders will receive a 15% stake in PJSC SIBUR Holding in exchange for the transfer of a controlling interest in TAIF’s group of petrochemical and energy companies. The remaining stake in JSC TAIF can be subsequently purchased by the combined company.
The deal will be closed subject to completion of the relevant corporate procedures and receipt of necessary regulatory approvals.
This combination will make the new company’s petrochemical operations more competitive in the global market, improve its resilience to market fluctuations, and also unlock further growth potential of Russia’s petrochemical industry through joint realization of capital intensive projects, and also boost chemical non-commodity exports. The transaction will also bring new jobs and opportuni