18.07.2010

Lukoil-Neftekhim divests its stake in Otechestvennye Polimery

Russian energy company Lukoil-Neftekhim has sold its 49.99% stake in OOO Otechestvennye Polimery (English name: Domestic Polymers), a joint venture with Sibur Holding and the majority holder of the Bashkiria-based PET producer Polyef. The package was acquired in July by undisclosed financial investors not affiliated with Sibur. The sum of the deal is also unknown.

As a reminder, Lukoil and Sibur established a joint venture to privatise Polyef in 2005. The privatisation auction was won by Selena controlled by Anatoly Bondaruk, which offered over 3 billion roubles for the unfinished facility. Lukoil and Sibur filed a lawsuit and made Selena agree to hand over the majority stake to the joint venture. Selena retained a 32.5% stake while the government of Bashkiria held 17.5% as a debt payment. Last year, Selena’s share was acquired by VTB bank.

Presently, the list of Polyef’s shareholders includes Otechestvennye Polimery, VTB and OAO Premium (owned by the government of Bashkiria). This February, Premium’s share was placed into trust of Bashneft, Polyef’s principal paraxylene supplier. The top executive positions in Polyef are divided between Sibur and Sistema: Vice President of Sistema Alexander Goncharuk chairs the Board of Director, while Vladislav Kuznetsov, formerly Deputy Director General of Sibur-Motors, is the CEO.

(c) RccNews.ru

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