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Wikipedia

Sibur

January 07, 2023

SIBUR (PJSC SIBUR Holding) is a Russian petrochemicals company founded in 1995 and headquartered in Moscow.[4]

Sibur
TypeJoint-stock company
IndustryPetrochemical
Founded1995
Headquarters
Moscow
,
Russia
Key people
Kirill Shamalov[1](Deputy Chairman of the Management Board)
Revenue$7.25 billion[2] (31 December 2020)
$2.14 billion[3] (2017)
$356 million[2] (31 December 2020)
Total assets$21.6 billion[2] (31 December 2020)
Total equity$8.76 billion[2] (31 December 2020)
Number of employees
22,000 (2021) 
Websitesibur.ru

SIBUR is the largest integrated petrochemicals company in Russia and one of the fastest-growing companies in the global petrochemicals industry. Company purchases hydrocarbons and processes them into plastics, rubbers and other high value added products.

The Group sells its petrochemical products on the Russian and international markets in two business segments: Olefins & Polyolefins (polypropylene, polyethylene, BOPP films, etc.) and Plastics, Elastomers & Intermediates (synthetic rubbers, EPS, PET, etc.).

SIBUR's petrochemicals business utilises mainly its own feedstock, which is produced by its Midstream segment using by-products purchased from oil and gas companies. The group owns and operates Russia's largest and most extensive integrated midstream asset base for processing and transportation of APG and NGLs , located primarily in Western Siberia, which is the largest oil and gas producing region in Russia and where the Group sources most of its feedstock.

SIBUR's production facilities are located in over 20 Russian regions and employ around 22,000 employees. The company's products are used in the chemical, fast-moving consumer goods, automotive, construction, energy and other industries in 80 countries worldwide. According to Forbes magazine's ranking of Russian companies by revenue for 2019, Sibur was the 13th-largest in Russia.[5]

The company has international presence: an office in Vienna, five offices in China, and an office in Istanbul. SIBUR has an extensive portfolio of clients in key regions for the company – Russia, Europe and China.

As of today, SIBUR is a leading emerging markets petrochemical group and the largest petrochemical producer in the Russian market, according to IHS.

SIBUR's newest petrochemicals facility ZapSibNeftekhim ranks in Top-5 largest petrochemicals projects in the world and is Europe's largest petrochemicals plant by capacity.

The Group is currently working on a new project Amur Gas Chemical Complex, which is set to become the largest base polymer facility globally by capacity.

Operating segments

SIBUR has three operating segments: two petrochemicals sub-segments – olefins & polyolefins and plastics, elastomers & intermediates – and a midstream (LPG, naphtha, natural gas) segment. These business segments vary in their end-user markets, supply and demand trends, value drivers, and, consequently, their profitability, however, they are highly integrated with most of the feedstock for the petrochemicals business supplied by the company's own Midstream segment.[6]

Midstream

At the core of the group's operations is the Midstream segment. SIBUR acquires by-products of oil and gas extraction (APG and raw NGL) and transports them to gas processing plants (GPP) and gas fractionation units (GFU). GPPs process APG to produce marketable natural gas, as well as raw NGLs feedstock, while GFUs fractionate NGLs to produce LPG and naphtha, which are the main feedstock for petrochemical production.

The LPG and naphtha produced by SIBUR is then either sold externally or secured as feedstock for the Group's petrochemical business.

SIBUR's feedstock processing infrastructure includes seven out of the nine existing GPPs in Western Siberia, five compressor stations and three gas fractionation units.

Midstream facilities:

  • Yuzhno-Balykskiy GPP based in Ugra region)
  • Belozerniy GPP based in Nizhnevartovsk
  • Gubkinskiy GPP based in Gubkinskiy
  • Vyngapurovskiy GPP based in Purovskiy region
  • Nizhnevartovskiy GPP based in Nizhnevartovsk
  • Yuzhno-Priobskiy GPP (50%) (joint venture with Gazprom Neft Group)
  • Zapsibtransgaz based in Nizhnevartovsk

Olefins & polyolefins (O&P)

 
ZapSibNeftekhim

SIBUR uses NGL to create olefins, which are then turned into polyethylene and polypropylene via polymerisation. Polypropylene is also used to produce BOPP films, which is an important material for packaging.

O&P facilities:[7]

  • ZapSibNeftekhim (100%)
  • Poliom (50%, JV with Gazprom Neft Group)
  • BIAXPLEN (100%)
  • Tomskneftekhim (100%)
  • NPP Neftekhimia (50%) (joint venture with Gazprom Neft Group)
  • Sibur-Kstovo (100%)
  • RusVinyl (50%) (joint venture with SolVay).

Plastics, elastomers and intermediates

SIBUR's PE&I facilities produce the following products:

–         plastics and organic synthesis products (PET, glycols, expandable polystyrene, DOTP, alcohols and acrylates)

–         elastomers (rubbers)

–         methyl tertiary butyl ether (MTBE) and fuel additives

–         intermediates

These are used in the chemicals, FMCG, construction, automotive, agriculture and other industries.

 
Polystyrene production unit at Sibur-Khimprom

Plastics, elastomers and organic synthesis facilities

  • Sibur-Neftekhim
  • Sibur-Khimprom
  • Polief
  • Sibur-PETF
  • Voronezhsintezkauchuk
  • Krasnoyarsk Synthetic Rubber Plant (100%, JV with SINOPEC through Sibur-Sinopec Rubber Holding Company Limited, 74.99%)
  • Reliance Sibur Elastomers Private Limited (25.10%) (joint venture with Reliance Industries Limited).[7]

History

Background

AK Sibur, the group's predecessor, was established by government decree in March 1995.[8] The integration was underpinned by the production cooperation of petrochemical enterprises from the former Soviet Union (FSU), while Gazprom became the driving force of petrochemical asset consolidation around SIBUR. Although petrochemicals were not its core business, the gas company embarked on the mission set by the government to create a powerful national player in the deep hydrocarbon conversion market.

In 1995, the new company absorbed gas processing plants and infrastructure assets of Sibneftegazpererabotka; Permsky Gas Processing Plant producing petrochemical products and NIPIgaspererabotka, a design institute.

In 1998, in addition to Gazprom, entrepreneur Yakov Goldovsky became a co-owner and head of SIBUR. Towards the end of 1998, AK Sibur started its transformation into a vertically integrated petrochemical holding with a full production chain from the processing of raw materials through to the manufacture of finished goods.  AK Sibur subsequently built up assets by buying stakes in petrochemical companies all over Russia, including some 60 companies. As a result, the company accumulated huge debts in excess of USD 1 bn with no finance to repay them.

By 2001, Gazprom had acquired a 51% stake in AK Sibur, thus gaining control of the company.[9][10] In 2003, Alexander Dyukov was appointed as the chief executive officer (CEO) of AK Sibur, and a new management team was formed. Under new management, the company improved its operational and financial results and reached an agreement with its creditors.

Reorganization

In 2005, in accordance with a debt restructuring plan, AK Sibur established SIBUR Holding (whose legal successor is today's SIBUR), which consolidated all the assets of AK Sibur. A 25% interest in SIBUR was sold to Gazprom, and the remaining 75% was sold to Gazprombank,[11] while the proceeds were used to repay the debt owed to Gazprom. In December 2005, AK Sibur Holding was renamed SIBUR Holding.[12]

In 2007, Gazprom, as part of its strategy to exit from non-core businesses, disposed of its interest in the company by selling its 25% stake to the Gazfond private pension fund. In 2008, Gazprombank attempted to sell its 75% stake in the group as a part of a management buyout. However, the sale was not completed due to the unavailability of financing. In a series of transactions completed between November 2010 and November 2011, Leonid Mikhelson, a Russian entrepreneur and a co-owner of NOVATEK, acquired a controlling stake in the group. That same year energy trader Gennady Timchenko, ex-co-owner of Gunvor trading house, acquired a 37.5% stake in SIBUR.[13] Between 2012 and 2017, there were several changes in shares. In 2013 member of Board Kirill Shamalov bought 3.8% shares of the company.  As a result, Mikhelson's equity interest totalled 42.23% of the Group's share capital, Timchenko's stake stands at 17%, Kirill Shamalov has 3.9%; Chinese Sinopec and Silk Road Fund got 10% each and the total stake of current and former managers amounted to 10.6%.

Since 2011, SIBUR completed a number of selective divestments, selling its tyre and mineral fertiliser businesses. Instead, the company focused on investing in polymers.[8] At the end of December 2011, SIBUR exited SIBUR-Russian Tyres, having sold a 75% stake to the company's management and the remaining stake to the partners of Vadim Gurinov, the CEO of SIBUR-Russian Tyres.[14] At the end of December 2011, SIBUR sold its mineral fertiliser assets to Uralchem (Mineral Fertilisers, Perm) and Siberian Business Union (Kemerovo Azot and Angarsk Azotno-Tukovy Zavod).[15]

Expansion

After the decision has been made to focus on polymer business the company started investing into the expansion of the midstream infrastructure, which, once in place, would provide the necessary feedstock for SIBUR's polymer facilities. Overall, between 2012 and 2019, the Company completed 14 large-scale investment projects, with total capital expenditures amounting to 210 billion roubles.[16] The expansion and modernisation of its assets allowed the Company to capitalise on growth opportunities in both gas processing and petrochemical markets in Russia. The new strategy[17] was supported by the rebuilding of the company's management in 2016, replacement of a CFO and the devolving of power to regional operations. It provides more efficient way of management when important solutions can be made operatively without long way of approval from central office.

Midstream

The first expansion stage included the construction of an extensive transport infrastructure, including pipelines to deliver APG, as well as an increase in gas processing fractionation capacities.

In 2012, the Yuzhno-Balykskiy gas processing plant launched a low-temperature condensation and rectification unit.[18]

In 2014, SIBUR completed construction of the linear part of the Purovsky GCP–Tobolsk–Neftekhim product pipeline, which has a total length of 1,100 kilometres.[19]

In 2014, SIBUR commissioned the second fractionation unit, which made the total capacity of the Tobolsk site hit 6.6 mtpa up from 3.8 mtpa in 2011. In 2016, SIBUR completed another project aimed at further expansion of the gas fractionation capacity in Tobolsk from 6.6 to 8 million tonnes a year.[20]

In 2016, Stage 2 of the Vyngapurovsky GPP was commissioned.[21]

As a result, SIBUR's gas processing capacity grew to 25 bcm in 2016, while the recovery of desired fractions in APG processing increased to over 90% in 2016.[8]

By 2020, SIBUR is planning to launch ZapSibNeftekhim on the basis of the Tobolsk Production Site which is to become Russia's largest petrochemical complex, permitting SIBUR to double polymer production.[8][22]

Petrochemicals

Polyolefins

In 2013, SIBUR launched a new world-class polypropylene (PP) plant in Tobolsk (previously named Tobolsk-Polymer), one of the largest PP facilities globally and No 1 in the Commonwealth of Independent States (CIS). With an annual capacity of 500 kilotonnes of PP, the plant significantly increased the Group's polyolefins production capacity.[23][24]

In 2014, production was started at the RusVinyl plant.[25][26]

That same year, SIBUR made a final investment decision to proceed with ZapSibNeftekhim (ZapSib) – the largest state-of-the-art petrochemical facility in Russia and one of the five largest global investment projects in the petrochemical industry. The project envisaged greenfield construction of a new world-class petrochemical complex in Tobolsk, within SIBUR's petrochemical hub, that would include an ethylene cracker with an annual capacity of 1.5 million tonnes and polyolefins production (annual PE capacity of 1.5 million tonnes and annual PP capacity of 0.5 million tonnes). Construction started in 2015.

In 2019, the company completed construction and start-up procedures at all of ZapSib's production and processing facilities ahead of schedule, and production of PP and PE got under way.[27]

Gradually bringing ZapSib to full production capacity remains SIBUR's chief strategic priority in 2020. ZapSib reached 68% production capacity at the end of the first quarter of 2020, which is in line with industry benchmarks. During the quarter, ZapSib produced 115,000 tonnes of polypropylene and 259,000 tonnes of polyethylene. With the continued ramp-up, SIBUR expects a significant upside in EBITDA and cash flows from ZapSib in the near future.

The total investment budget for the ZapSib project was revised downwards from $9.5 billion to approximately $8.8 billion as of 31 March 2020. The Group has already invested $8.2 billion as of 31 March 2020, with residual capital expenditures estimated to be around $0.6 billion. The group had committed credit lines available for the project in the sum of $0.4 billion as of 31 March 2020.[28]

In June 2019, SIBUR and Sinopec signed a distribution agreement to supply PE to China from the group's ZapSibNeftekhim plant.[29]

Niche segments and new products

In 2012, second phase of AlphaporTM expandable polystyrene production line was officially launched at SIBUR's production site in Perm. The design capacity of the new line is 50,000 tonnes of EPS per year, and with its launch the Company's aggregate polystyrene design capacity in Perm has reached 100,000 tonnes per year.[30]

In 2013 SIBUR commissioned its new chemical complex at Voronezh – Thermoplastic Elastomer Production (TEP) Plant. The new plant has increased Sibur's production of TPEs from 35,000t yearly to 85,000t a year.[31]

In 2018, SIBUR completed the construction phase of the production of TPE at its compounding site in Voronezh, which added an annual capacity of about 50,000 metric tonnes.[citation needed]

In September 2019, SIBUR and Sinopec signed a framework cooperation agreement to produce SEBS (styrene, ethylene and butylenebased block copolymers) and a Memorandum of Understanding to cooperate in nitrile butadiene rubber (NBR) production.[32]

Future projects

Amur GCC

Therefore, SIBUR has begun works on a new major petrochemicals project Amur Gas Chemical Complex, a facility set to become one of the world's largest and most advanced basic polymer producers.

On 18 August 2020, Russian Prime Minister Mikhail Mishustin and other officials including members of SIBUR top management oversaw the sinking of the first pile in the plant's foundation via video link from the construction site in the Amur region.[33]

The Amur GCC project envisages construction of a basic polymer production facility with a total capacity of 2.7 mtpa (2.3 mtpa of polyethylene and 400 ktpa of polypropylene). The facility will feature a unique and the world's largest cracking unit for the first-stage processing of incoming feedstock.

Amur GCC will be launched in synch with the gradual ramp-up of Gazprom's Amur Gas Processing Plant[34] to its full capacity, so that the latter could supply ethane and LPG to Amur GCC for processing into high value-added products. SIBUR and Gazprom signed agreements in May 2018 and September 2019,[35] respectively, on long-term ethane (final) and LPG (preliminary) supplies totalling 3.5 million tonnes per annum.[36]

The completion of construction and commissioning is scheduled for 2024–2025. Once in operation, Amur GCC will give a major boost to the growth of non-commodity exports, as Amur GCC's polymer production capacity is 1.35 times higher than total polymer exports in 2019.

SIBUR considers Amur project to be another potential pillar of the company's expansion in the higher-value-added petrochemicals segment. This project would develop petrochemicals production in Eastern Siberia based on ethane and LPG feedstock expected to be supplied from Gazprom's Amur GPP to SIBUR's Amur GCC.

SIBUR will develop the Amur GCC through a joint venture with Sinopec, one of the world's leading petroleum and petrochemical holdings and SIBUR's long-standing partner. Sinopec got 40% in this project.[37]

Other future projects

In 2018, SIBUR has launched the construction of a maleic anhydride (MAN) production facility at SIBUR Tobolsk. Maleic anhydride is used in the construction, agriculture, automotive, paint and varnish, furniture, pharmaceutical and other industries. It serves as feedstock for films, synthetic fibres, pharmaceuticals, detergents, fuel components and oils. MAN improves the durability of end products, enhances their waterproof properties, resistance to temperature stress and mechanical impacts. With a planned capacity is 45 ktpa, the facility is scheduled to go online in 2021, bringing new high-tech jobs to the market.[38] MAN is currently not produced in Russia and domestic demand is covered by imports.[38]

SIBUR is also working on a TPE expansion project: ramping up trial production of thermoplastic elastomers (SBS polymers) at SIBUR's Voronezh site.[39]

Financials and capital markets

Financials

Type 2015 2016 2017 2018 2019 2020
Revenue, million roubles (according to International Financial Reporting Standards (IFRS)) ▲379,852[40] ▲411,812[40] ▲454,619[41] ▲568,647[41] ▼531 306[42] ▼523,010[42]
EBITDA, million roubles ▲135,635[40] ▲139,629[40] ▲160,851[41] ▲201,007[41] ▼170,020[42] ▲179,189[42]
EBITDA margin, % ▲35.7%[40] ▼33.9%[40] ▲35.4%[43] ▼35.3%[43] ▼32.0%[44] ▲34.3%[44]
Assets, million roubles (according to IFRS) ▲846,805[45] ▲886,225[45] ▲1,083,826[41] ▲1,258,646[41] ▲1,462,018[42] ▲1,556,922[42]
Dividends, million roubles (according to company information)[46] ▼7,058 ▲9,367 ▲14,704 ▲22,786 ▼17,558 ▲28,690
Net debt, million roubles (as of 31 December) (according to IFRS) ▲285,066[45] ▼281,178[45] ▼263,888[41] ▲317,628[41] ▲362,296[42] ▲403,247[42]
Equity, million roubles (as of 31 December) (according to IFRS) ▲258,707[47] ▲356,738[47] ▲457,158[41] ▲540,464[41] ▲639,583[42] ▼631,649[42]

Bond issues

In 2013, SIBUR first entered the global debt capital market, placing its debut eurobond, due in 2018, raising $1 billion in gross proceeds.[48] In October 2017, the company successfully completed an offering of $500 million in eurobonds due in 2023.[49] In October 2018, the Group bought back approximately USD 192 million of its notes due 2018 in a tender offer.[50]

On 23 September 2019, the group  floated $500 million in five-year eurobonds on the Irish Stock Exchange. The bonds are due in 2024 with an annual interest rate of 3.45%. Total demand exceeded $1.3 billion. The offering saw the company's bonds purchased by global investors, more than half of whom were not Russian.[51][52] On 1 July 2020, the company had raised USD 500 m following the offering of 5-year Eurobonds on the Irish Stock Exchange. The coupon rate is 2.95%, which is a record low for Russian corporate issuers.[53]

Besides eurobonds, SIBUR organised a RUB 15 bn BO-01 and BO-02 series exchange-traded bond placement. The semi-annual coupon rate of the BO-01 and BO-02 bonds was fixed at 5.50%, making it the lowest-ever rate for a market placement by a Russian corporate issuer.[54] On 7 July 2021, SIBUR organized a RUB 10 bn BO-03 series exchange-traded bond placement. The books closed at the lower end of the final guidance range, with the coupon set at 7.65% per annum and the issue enjoying best-in-class distribution at this coupon rate. The issue achieved the narrowest spread to OFZs (ruble-denominated Russian Treasury bonds) on the local bond market in the company's history.[55]

Credit ratings

In February 2018, the credit rating agency Moody's upgraded SIBUR's rating to Baa3.[56]

In June 2019, Fitch Ratings upgraded SIBUR's rating to BBB- from BB+, judging the company's outlook to be stable.[57]

In August 2019, Standard & Poor's gave SIBUR a BBB- rating. As a result, the company now has investment-grade credit ratings from all of the Big Three credit rating agencies.[58]

In May 2020, Standard & Poor's affirmed SIBUR's credit ratings at investment grade and revised outlook to negative which indicated the risk of a delayed recovery in petrochemical pricing in 2021.[59] In June 2021, Fitch and Moody's affirmed SIBUR's credit ratings at investment grade with outlook stable.[60]

Initial public offering

Rumours of an initial public offering (IPO) have been reported in the media numerous times.[61] By the end of July 2018, it became clear that the SIBUR was considering an IPO. Several sources in the sector reported that SIBUR was holding talks with banks about an offering. Discussions involved floating 10–15% of the company's shares.[62] In September 2018, Dmitry Konov suggested that the company might list 15% of its shares in the second quarter of 2019.[63]

In June 2019, Konov announced that the long-anticipated IPO would take place no sooner than 2020 and suggested Moscow as the main venue for the listing.[64] In February 2020, Konov stated that he did not believe the IPO would be held in 2020 due to the current economic climate.[65] In April 2021 Sibur and TAIF have announced a consolidation of their petrochemical businesses. Konov stated the IPO would not take place until the deal is closed.[66]

In the event an IPO takes place, SIBUR's shares could become a new blue-chip stock in the Russian market.[67]

Acquisitions

In 2009, SIBUR acquired a 50% stake in BIAXPLEN, a Russian producer of BOPP films. In March 2012, SIBUR gained control of the BIAXPLEN group of companies by increasing its stake from 50% to 100%. At the time of the acquisition, production facilities belonging to the BIAXPLEN group comprised three plants located in the Nizhny Novgorod, Kursk and Moscow regions with a total annual capacity of 78,000 metric tonnes of commodity films.[68]

In 2011, SIBUR acquired JSC Acrylate, the only CIS-based producer of acrylic acid and its esters, from ATEK Group.[69]

In July 2019, SIBUR and Gazprom Neft consolidated 100% of the authorised capital in Poliom, a polypropylene plant in Omsk. Sibgazpolimer, a joint venture between the two companies, has signed an agreement to acquire a 50% stake in Poliom from the Titan Group.[70][71]

In November 2019, Tatneft completed the purchase of SIBUR's petrochemical facilities in Tolyatti (SIBUR Togliatti and JSC Togliattisintez).[72]

In April 2021, Sibur bought a controlling stake in oil and gas refiner company TAIF with a view to consolidate the assets.[73] The deal sets to be closed by the end of September 2021,[74] while the merge of Sibur and TAIF is inspecting by European Commission.[75]

In October 2021 Sibur bought 100% of shares of TAIG group, the deal been approved by European Commission. The whole TAIF group is appraised at 26,8 billion dollars, its majority interest – at 4 billion dollars, and the rest of the shares – at 3 billion dollars. The deal should also reduce stakes of Sibur's majority stakeholders. The share of Leonid Mikhelson – from 36 to 31%, Gennady Timchenko – from 17 to 14.45%, the stake of current and ex-top-management – from 14,5 to 12,325%, Sogaz – from 12,5 to 10,625%, Silk road Fund and Sinopec – from 10 to 8.5%.[76]

Corporate affairs

In 2015, the company welcomed its first foreign investor after a deal was closed in December that made Sinopec a strategic investor in SIBUR with the purchase of a 10% stake from SIBUR's shareholders. The deal was one of the first steps in building a long-standing relationship between the Russian and Chinese companies.[77][78]

In January 2017, the Silk Road Fund, a Chinese investment fund, acquired a 10% stake in SIBUR from SIBUR's shareholders.[79][80][77]

In July 2020, the company revised its dividend policy for the period starting from 2020, increasing dividend payouts from 35% of net profit to not less than 50% of adjusted net profit.[81]

Partnerships and Cooperation

In June 2007, SIBUR established RusVinyl, a 50/50 joint venture with SolVin Holding Nederland. The joint venture was established to construct a polyvinyl chloride (PVC) plant with an annual capacity of 330 kilotonnes of PVC and 225 kilotonnes of caustic soda.

In February 2012, SIBUR entered into a joint venture arrangement with Reliance Industries Limited, which established a joint venture called Reliance Sibur Elastomers Private Limited, in which SIBUR owns a 25.1% stake. The joint venture was established for the development of a butyl rubber production facility in India with an annual capacity of 120 kilotonnes. It started production in 2015 and become operational in 2020. Now this is the region's first butyl rubber halogenation plant. In addition, Sibur agreed to share proprietary butyl rubber technology, staff training and access to the complex equipment of polymerization reactors, which is unprecedented for a Russian company and marks a unique case of partnership between the two countries.[82][83]

In August 2013, SIBUR and China Petroleum and Chemical Corporation (Sinopec) entered into a joint venture developed on the site of the Krasnoyarsk Synthetic Rubber Plant (KZSK), where Sinopec purchased a stake of 25% plus one share in KZSK.

In 2018, SIBUR Group established a 50/50 joint venture, PTC, with SG-Trans, a major Russian railway operator.[84]

In September 2019, the group acquired a 50% stake in Manucor, which became a 50/50 joint venture between the Group and PS Film, a member of the PillarStone Fund, a BOPP films producer located in Italy.[85]

On 5 June 2019, SIBUR and Sinopec signed a Term sheet for a potential Joint Venture that could be based at Amur Gas Chemical Complex. Subject to SIBUR's final investment decision, Sinopec is expected to have a 40% share in the JV.[37] The final investment decision for the project is still under consideration and is dependent on Sinopec's entering the joint venture and Russian government's decision to implement a negative excise tax on ethane and LPG. The Ministry of Finance is finalizing the text of the draft amendments to the Tax Code. In its extended configuration Amur GCC is projected to operate a world-scale cracker together with polyolefin units with a total capacity of 2.7 mtpa (2.3 million tonnes of PE and 0.4 million tonnes of PP). In September 2019, SIBUR signed a gas supply deal with Gazprom, which would allow Amur plant to increase potential output by 80% to reach the extended configuration.[86]

In April 2021 SIBUR announced merger with another key company on the Russian petrochemical market – Tatarstan based holding TAIF. After the merger is completed, the united company will become one of the TOP-5 world's petrochemical companies according to experts.[87]

In December 2021, RusVinyl plant got a new CEO, Marc-Andre Lahalle, as a substitute for Guenther Nadolny after 10 years of service of leadership of the German top-manager. The new CEO has been already worked for the joint venture of Sibur and "Solvay" from 2009 to 2014 as deputy CEO and as production director as well, before moving to Solvay Indupa in Brazil and in Argentina and also to Solvay Silica as COO. As per Guenther Nadolny, he's retiring from active business career.[88]

Ownership

As of December 2019, ownership of SIBUR was divided as follows:[16] Leonid Mikhelson, 48.5%; Gennady Timchenko, 17.0%; current and former managers of SIBUR Holding, 14.5%; Sinopec, 10%; Silk Road Fund, 10%.

In December 2021, Mubadala Investment Company confirmed the purchase of 1.9% of SIBUR Holding, its local partner, being the biggest investment of the state-owned fund in Russian economy.[89]

Management Board PJSC SIBUR Holding:.[90]

  • Mikhail Karisalov, member of the Management Board
  • Sergey Komyshan, member of Management Board
  • Alexey Kozlov, member of the Management Board
  • Sergey Lukichev, member of the Management Board
  • Oleg Makarov, member of the Management Board
  • Vasiliy Nomokonov, member of the Management Board
  • Peter Lloyd O`Brien, member of the Management Board
  • Kirill Shamalov, Deputy Chairman of the Management Board
  • Ruslan Shigabutdinov, member of the Management Board.

Awards and prizes

In 2019, SIBUR ranked 39th in the ICIS Top 100 Chemical Companies Rating by revenue.[91]

SIBUR is one of the best employers in Russia – the hh.ru rating of Russian employers ranked the company third among the country's 100 best employers in 2019.[92]

Between 2012 and 2017, SIBUR demonstrated the highest increase (+54%) in labour productivity among Russian companies according to ACRA Rating Agency.[93]

Randstad's rating recognises SIBUR as the most attractive employer in the chemical industry.[94][95][96]

SIBUR received an international Customer eXperience World Award in the "Best customer experience in b2b" category among industrial companies in 2020 and 2021.[97][98]

References

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External links

  •   Media related to Sibur at Wikimedia Commons
  • Official website

January 07, 2023
sibur, this, article, uses, bare, urls, which, uninformative, vulnerable, link, please, consider, converting, them, full, citations, ensure, article, remains, verifiable, maintains, consistent, citation, style, several, templates, tools, available, assist, for. This article uses bare URLs which are uninformative and vulnerable to link rot Please consider converting them to full citations to ensure the article remains verifiable and maintains a consistent citation style Several templates and tools are available to assist in formatting such as Reflinks documentation reFill documentation and Citation bot documentation August 2022 Learn how and when to remove this template message SIBUR PJSC SIBUR Holding is a Russian petrochemicals company founded in 1995 and headquartered in Moscow 4 SiburTypeJoint stock companyIndustryPetrochemicalFounded1995HeadquartersMoscow RussiaKey peopleKirill Shamalov 1 Deputy Chairman of the Management Board Revenue 7 25 billion 2 31 December 2020 Operating income 2 14 billion 3 2017 Net income 356 million 2 31 December 2020 Total assets 21 6 billion 2 31 December 2020 Total equity 8 76 billion 2 31 December 2020 Number of employees22 000 2021 Websitesibur wbr ruSIBUR is the largest integrated petrochemicals company in Russia and one of the fastest growing companies in the global petrochemicals industry Company purchases hydrocarbons and processes them into plastics rubbers and other high value added products The Group sells its petrochemical products on the Russian and international markets in two business segments Olefins amp Polyolefins polypropylene polyethylene BOPP films etc and Plastics Elastomers amp Intermediates synthetic rubbers EPS PET etc SIBUR s petrochemicals business utilises mainly its own feedstock which is produced by its Midstream segment using by products purchased from oil and gas companies The group owns and operates Russia s largest and most extensive integrated midstream asset base for processing and transportation of APG and NGLs located primarily in Western Siberia which is the largest oil and gas producing region in Russia and where the Group sources most of its feedstock SIBUR s production facilities are located in over 20 Russian regions and employ around 22 000 employees The company s products are used in the chemical fast moving consumer goods automotive construction energy and other industries in 80 countries worldwide According to Forbes magazine s ranking of Russian companies by revenue for 2019 Sibur was the 13th largest in Russia 5 The company has international presence an office in Vienna five offices in China and an office in Istanbul SIBUR has an extensive portfolio of clients in key regions for the company Russia Europe and China As of today SIBUR is a leading emerging markets petrochemical group and the largest petrochemical producer in the Russian market according to IHS SIBUR s newest petrochemicals facility ZapSibNeftekhim ranks in Top 5 largest petrochemicals projects in the world and is Europe s largest petrochemicals plant by capacity The Group is currently working on a new project Amur Gas Chemical Complex which is set to become the largest base polymer facility globally by capacity Contents 1 Operating segments 1 1 Midstream 1 2 Olefins amp polyolefins O amp P 1 3 Plastics elastomers and intermediates 1 3 1 Plastics elastomers and organic synthesis facilities 2 History 2 1 Background 2 2 Reorganization 2 3 Expansion 2 3 1 Midstream 2 3 2 Petrochemicals 2 3 2 1 Polyolefins 2 3 2 2 Niche segments and new products 2 4 Future projects 2 4 1 Amur GCC 2 4 2 Other future projects 3 Financials and capital markets 3 1 Financials 3 2 Bond issues 3 3 Credit ratings 3 4 Initial public offering 4 Acquisitions 5 Corporate affairs 6 Partnerships and Cooperation 6 1 Ownership 7 Awards and prizes 8 References 9 External linksOperating segments EditSIBUR has three operating segments two petrochemicals sub segments olefins amp polyolefins and plastics elastomers amp intermediates and a midstream LPG naphtha natural gas segment These business segments vary in their end user markets supply and demand trends value drivers and consequently their profitability however they are highly integrated with most of the feedstock for the petrochemicals business supplied by the company s own Midstream segment 6 Midstream Edit At the core of the group s operations is the Midstream segment SIBUR acquires by products of oil and gas extraction APG and raw NGL and transports them to gas processing plants GPP and gas fractionation units GFU GPPs process APG to produce marketable natural gas as well as raw NGLs feedstock while GFUs fractionate NGLs to produce LPG and naphtha which are the main feedstock for petrochemical production The LPG and naphtha produced by SIBUR is then either sold externally or secured as feedstock for the Group s petrochemical business SIBUR s feedstock processing infrastructure includes seven out of the nine existing GPPs in Western Siberia five compressor stations and three gas fractionation units Midstream facilities Yuzhno Balykskiy GPP based in Ugra region Belozerniy GPP based in Nizhnevartovsk Gubkinskiy GPP based in Gubkinskiy Vyngapurovskiy GPP based in Purovskiy region Nizhnevartovskiy GPP based in Nizhnevartovsk Yuzhno Priobskiy GPP 50 joint venture with Gazprom Neft Group Zapsibtransgaz based in NizhnevartovskOlefins amp polyolefins O amp P Edit ZapSibNeftekhim SIBUR uses NGL to create olefins which are then turned into polyethylene and polypropylene via polymerisation Polypropylene is also used to produce BOPP films which is an important material for packaging O amp P facilities 7 ZapSibNeftekhim 100 Poliom 50 JV with Gazprom Neft Group BIAXPLEN 100 Tomskneftekhim 100 NPP Neftekhimia 50 joint venture with Gazprom Neft Group Sibur Kstovo 100 RusVinyl 50 joint venture with SolVay Plastics elastomers and intermediates Edit SIBUR s PE amp I facilities produce the following products plastics and organic synthesis products PET glycols expandable polystyrene DOTP alcohols and acrylates elastomers rubbers methyl tertiary butyl ether MTBE and fuel additives intermediatesThese are used in the chemicals FMCG construction automotive agriculture and other industries Polystyrene production unit at Sibur Khimprom Plastics elastomers and organic synthesis facilities Edit Sibur Neftekhim Sibur Khimprom Polief Sibur PETF Voronezhsintezkauchuk Krasnoyarsk Synthetic Rubber Plant 100 JV with SINOPEC through Sibur Sinopec Rubber Holding Company Limited 74 99 Reliance Sibur Elastomers Private Limited 25 10 joint venture with Reliance Industries Limited 7 History EditBackground Edit AK Sibur the group s predecessor was established by government decree in March 1995 8 The integration was underpinned by the production cooperation of petrochemical enterprises from the former Soviet Union FSU while Gazprom became the driving force of petrochemical asset consolidation around SIBUR Although petrochemicals were not its core business the gas company embarked on the mission set by the government to create a powerful national player in the deep hydrocarbon conversion market In 1995 the new company absorbed gas processing plants and infrastructure assets of Sibneftegazpererabotka Permsky Gas Processing Plant producing petrochemical products and NIPIgaspererabotka a design institute In 1998 in addition to Gazprom entrepreneur Yakov Goldovsky became a co owner and head of SIBUR Towards the end of 1998 AK Sibur started its transformation into a vertically integrated petrochemical holding with a full production chain from the processing of raw materials through to the manufacture of finished goods AK Sibur subsequently built up assets by buying stakes in petrochemical companies all over Russia including some 60 companies As a result the company accumulated huge debts in excess of USD 1 bn with no finance to repay them By 2001 Gazprom had acquired a 51 stake in AK Sibur thus gaining control of the company 9 10 In 2003 Alexander Dyukov was appointed as the chief executive officer CEO of AK Sibur and a new management team was formed Under new management the company improved its operational and financial results and reached an agreement with its creditors Reorganization Edit In 2005 in accordance with a debt restructuring plan AK Sibur established SIBUR Holding whose legal successor is today s SIBUR which consolidated all the assets of AK Sibur A 25 interest in SIBUR was sold to Gazprom and the remaining 75 was sold to Gazprombank 11 while the proceeds were used to repay the debt owed to Gazprom In December 2005 AK Sibur Holding was renamed SIBUR Holding 12 In 2007 Gazprom as part of its strategy to exit from non core businesses disposed of its interest in the company by selling its 25 stake to the Gazfond private pension fund In 2008 Gazprombank attempted to sell its 75 stake in the group as a part of a management buyout However the sale was not completed due to the unavailability of financing In a series of transactions completed between November 2010 and November 2011 Leonid Mikhelson a Russian entrepreneur and a co owner of NOVATEK acquired a controlling stake in the group That same year energy trader Gennady Timchenko ex co owner of Gunvor trading house acquired a 37 5 stake in SIBUR 13 Between 2012 and 2017 there were several changes in shares In 2013 member of Board Kirill Shamalov bought 3 8 shares of the company As a result Mikhelson s equity interest totalled 42 23 of the Group s share capital Timchenko s stake stands at 17 Kirill Shamalov has 3 9 Chinese Sinopec and Silk Road Fund got 10 each and the total stake of current and former managers amounted to 10 6 Since 2011 SIBUR completed a number of selective divestments selling its tyre and mineral fertiliser businesses Instead the company focused on investing in polymers 8 At the end of December 2011 SIBUR exited SIBUR Russian Tyres having sold a 75 stake to the company s management and the remaining stake to the partners of Vadim Gurinov the CEO of SIBUR Russian Tyres 14 At the end of December 2011 SIBUR sold its mineral fertiliser assets to Uralchem Mineral Fertilisers Perm and Siberian Business Union Kemerovo Azot and Angarsk Azotno Tukovy Zavod 15 Expansion Edit After the decision has been made to focus on polymer business the company started investing into the expansion of the midstream infrastructure which once in place would provide the necessary feedstock for SIBUR s polymer facilities Overall between 2012 and 2019 the Company completed 14 large scale investment projects with total capital expenditures amounting to 210 billion roubles 16 The expansion and modernisation of its assets allowed the Company to capitalise on growth opportunities in both gas processing and petrochemical markets in Russia The new strategy 17 was supported by the rebuilding of the company s management in 2016 replacement of a CFO and the devolving of power to regional operations It provides more efficient way of management when important solutions can be made operatively without long way of approval from central office Midstream Edit The first expansion stage included the construction of an extensive transport infrastructure including pipelines to deliver APG as well as an increase in gas processing fractionation capacities In 2012 the Yuzhno Balykskiy gas processing plant launched a low temperature condensation and rectification unit 18 In 2014 SIBUR completed construction of the linear part of the Purovsky GCP Tobolsk Neftekhim product pipeline which has a total length of 1 100 kilometres 19 In 2014 SIBUR commissioned the second fractionation unit which made the total capacity of the Tobolsk site hit 6 6 mtpa up from 3 8 mtpa in 2011 In 2016 SIBUR completed another project aimed at further expansion of the gas fractionation capacity in Tobolsk from 6 6 to 8 million tonnes a year 20 In 2016 Stage 2 of the Vyngapurovsky GPP was commissioned 21 As a result SIBUR s gas processing capacity grew to 25 bcm in 2016 while the recovery of desired fractions in APG processing increased to over 90 in 2016 8 By 2020 SIBUR is planning to launch ZapSibNeftekhim on the basis of the Tobolsk Production Site which is to become Russia s largest petrochemical complex permitting SIBUR to double polymer production 8 22 Petrochemicals Edit Polyolefins Edit In 2013 SIBUR launched a new world class polypropylene PP plant in Tobolsk previously named Tobolsk Polymer one of the largest PP facilities globally and No 1 in the Commonwealth of Independent States CIS With an annual capacity of 500 kilotonnes of PP the plant significantly increased the Group s polyolefins production capacity 23 24 In 2014 production was started at the RusVinyl plant 25 26 That same year SIBUR made a final investment decision to proceed with ZapSibNeftekhim ZapSib the largest state of the art petrochemical facility in Russia and one of the five largest global investment projects in the petrochemical industry The project envisaged greenfield construction of a new world class petrochemical complex in Tobolsk within SIBUR s petrochemical hub that would include an ethylene cracker with an annual capacity of 1 5 million tonnes and polyolefins production annual PE capacity of 1 5 million tonnes and annual PP capacity of 0 5 million tonnes Construction started in 2015 In 2019 the company completed construction and start up procedures at all of ZapSib s production and processing facilities ahead of schedule and production of PP and PE got under way 27 Gradually bringing ZapSib to full production capacity remains SIBUR s chief strategic priority in 2020 ZapSib reached 68 production capacity at the end of the first quarter of 2020 which is in line with industry benchmarks During the quarter ZapSib produced 115 000 tonnes of polypropylene and 259 000 tonnes of polyethylene With the continued ramp up SIBUR expects a significant upside in EBITDA and cash flows from ZapSib in the near future The total investment budget for the ZapSib project was revised downwards from 9 5 billion to approximately 8 8 billion as of 31 March 2020 The Group has already invested 8 2 billion as of 31 March 2020 with residual capital expenditures estimated to be around 0 6 billion The group had committed credit lines available for the project in the sum of 0 4 billion as of 31 March 2020 28 In June 2019 SIBUR and Sinopec signed a distribution agreement to supply PE to China from the group s ZapSibNeftekhim plant 29 Niche segments and new products Edit In 2012 second phase of AlphaporTM expandable polystyrene production line was officially launched at SIBUR s production site in Perm The design capacity of the new line is 50 000 tonnes of EPS per year and with its launch the Company s aggregate polystyrene design capacity in Perm has reached 100 000 tonnes per year 30 In 2013 SIBUR commissioned its new chemical complex at Voronezh Thermoplastic Elastomer Production TEP Plant The new plant has increased Sibur s production of TPEs from 35 000t yearly to 85 000t a year 31 In 2018 SIBUR completed the construction phase of the production of TPE at its compounding site in Voronezh which added an annual capacity of about 50 000 metric tonnes citation needed In September 2019 SIBUR and Sinopec signed a framework cooperation agreement to produce SEBS styrene ethylene and butylenebased block copolymers and a Memorandum of Understanding to cooperate in nitrile butadiene rubber NBR production 32 Future projects Edit Amur GCC Edit Therefore SIBUR has begun works on a new major petrochemicals project Amur Gas Chemical Complex a facility set to become one of the world s largest and most advanced basic polymer producers On 18 August 2020 Russian Prime Minister Mikhail Mishustin and other officials including members of SIBUR top management oversaw the sinking of the first pile in the plant s foundation via video link from the construction site in the Amur region 33 The Amur GCC project envisages construction of a basic polymer production facility with a total capacity of 2 7 mtpa 2 3 mtpa of polyethylene and 400 ktpa of polypropylene The facility will feature a unique and the world s largest cracking unit for the first stage processing of incoming feedstock Amur GCC will be launched in synch with the gradual ramp up of Gazprom s Amur Gas Processing Plant 34 to its full capacity so that the latter could supply ethane and LPG to Amur GCC for processing into high value added products SIBUR and Gazprom signed agreements in May 2018 and September 2019 35 respectively on long term ethane final and LPG preliminary supplies totalling 3 5 million tonnes per annum 36 The completion of construction and commissioning is scheduled for 2024 2025 Once in operation Amur GCC will give a major boost to the growth of non commodity exports as Amur GCC s polymer production capacity is 1 35 times higher than total polymer exports in 2019 SIBUR considers Amur project to be another potential pillar of the company s expansion in the higher value added petrochemicals segment This project would develop petrochemicals production in Eastern Siberia based on ethane and LPG feedstock expected to be supplied from Gazprom s Amur GPP to SIBUR s Amur GCC SIBUR will develop the Amur GCC through a joint venture with Sinopec one of the world s leading petroleum and petrochemical holdings and SIBUR s long standing partner Sinopec got 40 in this project 37 Other future projects Edit In 2018 SIBUR has launched the construction of a maleic anhydride MAN production facility at SIBUR Tobolsk Maleic anhydride is used in the construction agriculture automotive paint and varnish furniture pharmaceutical and other industries It serves as feedstock for films synthetic fibres pharmaceuticals detergents fuel components and oils MAN improves the durability of end products enhances their waterproof properties resistance to temperature stress and mechanical impacts With a planned capacity is 45 ktpa the facility is scheduled to go online in 2021 bringing new high tech jobs to the market 38 MAN is currently not produced in Russia and domestic demand is covered by imports 38 SIBUR is also working on a TPE expansion project ramping up trial production of thermoplastic elastomers SBS polymers at SIBUR s Voronezh site 39 Financials and capital markets EditFinancials Edit Type 2015 2016 2017 2018 2019 2020Revenue million roubles according to International Financial Reporting Standards IFRS 379 852 40 411 812 40 454 619 41 568 647 41 531 306 42 523 010 42 EBITDA million roubles 135 635 40 139 629 40 160 851 41 201 007 41 170 020 42 179 189 42 EBITDA margin 35 7 40 33 9 40 35 4 43 35 3 43 32 0 44 34 3 44 Assets million roubles according to IFRS 846 805 45 886 225 45 1 083 826 41 1 258 646 41 1 462 018 42 1 556 922 42 Dividends million roubles according to company information 46 7 058 9 367 14 704 22 786 17 558 28 690Net debt million roubles as of 31 December according to IFRS 285 066 45 281 178 45 263 888 41 317 628 41 362 296 42 403 247 42 Equity million roubles as of 31 December according to IFRS 258 707 47 356 738 47 457 158 41 540 464 41 639 583 42 631 649 42 Bond issues Edit In 2013 SIBUR first entered the global debt capital market placing its debut eurobond due in 2018 raising 1 billion in gross proceeds 48 In October 2017 the company successfully completed an offering of 500 million in eurobonds due in 2023 49 In October 2018 the Group bought back approximately USD 192 million of its notes due 2018 in a tender offer 50 On 23 September 2019 the group floated 500 million in five year eurobonds on the Irish Stock Exchange The bonds are due in 2024 with an annual interest rate of 3 45 Total demand exceeded 1 3 billion The offering saw the company s bonds purchased by global investors more than half of whom were not Russian 51 52 On 1 July 2020 the company had raised USD 500 m following the offering of 5 year Eurobonds on the Irish Stock Exchange The coupon rate is 2 95 which is a record low for Russian corporate issuers 53 Besides eurobonds SIBUR organised a RUB 15 bn BO 01 and BO 02 series exchange traded bond placement The semi annual coupon rate of the BO 01 and BO 02 bonds was fixed at 5 50 making it the lowest ever rate for a market placement by a Russian corporate issuer 54 On 7 July 2021 SIBUR organized a RUB 10 bn BO 03 series exchange traded bond placement The books closed at the lower end of the final guidance range with the coupon set at 7 65 per annum and the issue enjoying best in class distribution at this coupon rate The issue achieved the narrowest spread to OFZs ruble denominated Russian Treasury bonds on the local bond market in the company s history 55 Credit ratings Edit In February 2018 the credit rating agency Moody s upgraded SIBUR s rating to Baa3 56 In June 2019 Fitch Ratings upgraded SIBUR s rating to BBB from BB judging the company s outlook to be stable 57 In August 2019 Standard amp Poor s gave SIBUR a BBB rating As a result the company now has investment grade credit ratings from all of the Big Three credit rating agencies 58 In May 2020 Standard amp Poor s affirmed SIBUR s credit ratings at investment grade and revised outlook to negative which indicated the risk of a delayed recovery in petrochemical pricing in 2021 59 In June 2021 Fitch and Moody s affirmed SIBUR s credit ratings at investment grade with outlook stable 60 Initial public offering Edit Rumours of an initial public offering IPO have been reported in the media numerous times 61 By the end of July 2018 it became clear that the SIBUR was considering an IPO Several sources in the sector reported that SIBUR was holding talks with banks about an offering Discussions involved floating 10 15 of the company s shares 62 In September 2018 Dmitry Konov suggested that the company might list 15 of its shares in the second quarter of 2019 63 In June 2019 Konov announced that the long anticipated IPO would take place no sooner than 2020 and suggested Moscow as the main venue for the listing 64 In February 2020 Konov stated that he did not believe the IPO would be held in 2020 due to the current economic climate 65 In April 2021 Sibur and TAIF have announced a consolidation of their petrochemical businesses Konov stated the IPO would not take place until the deal is closed 66 In the event an IPO takes place SIBUR s shares could become a new blue chip stock in the Russian market 67 Acquisitions EditIn 2009 SIBUR acquired a 50 stake in BIAXPLEN a Russian producer of BOPP films In March 2012 SIBUR gained control of the BIAXPLEN group of companies by increasing its stake from 50 to 100 At the time of the acquisition production facilities belonging to the BIAXPLEN group comprised three plants located in the Nizhny Novgorod Kursk and Moscow regions with a total annual capacity of 78 000 metric tonnes of commodity films 68 In 2011 SIBUR acquired JSC Acrylate the only CIS based producer of acrylic acid and its esters from ATEK Group 69 In July 2019 SIBUR and Gazprom Neft consolidated 100 of the authorised capital in Poliom a polypropylene plant in Omsk Sibgazpolimer a joint venture between the two companies has signed an agreement to acquire a 50 stake in Poliom from the Titan Group 70 71 In November 2019 Tatneft completed the purchase of SIBUR s petrochemical facilities in Tolyatti SIBUR Togliatti and JSC Togliattisintez 72 In April 2021 Sibur bought a controlling stake in oil and gas refiner company TAIF with a view to consolidate the assets 73 The deal sets to be closed by the end of September 2021 74 while the merge of Sibur and TAIF is inspecting by European Commission 75 In October 2021 Sibur bought 100 of shares of TAIG group the deal been approved by European Commission The whole TAIF group is appraised at 26 8 billion dollars its majority interest at 4 billion dollars and the rest of the shares at 3 billion dollars The deal should also reduce stakes of Sibur s majority stakeholders The share of Leonid Mikhelson from 36 to 31 Gennady Timchenko from 17 to 14 45 the stake of current and ex top management from 14 5 to 12 325 Sogaz from 12 5 to 10 625 Silk road Fund and Sinopec from 10 to 8 5 76 Corporate affairs EditIn 2015 the company welcomed its first foreign investor after a deal was closed in December that made Sinopec a strategic investor in SIBUR with the purchase of a 10 stake from SIBUR s shareholders The deal was one of the first steps in building a long standing relationship between the Russian and Chinese companies 77 78 In January 2017 the Silk Road Fund a Chinese investment fund acquired a 10 stake in SIBUR from SIBUR s shareholders 79 80 77 In July 2020 the company revised its dividend policy for the period starting from 2020 increasing dividend payouts from 35 of net profit to not less than 50 of adjusted net profit 81 Partnerships and Cooperation EditIn June 2007 SIBUR established RusVinyl a 50 50 joint venture with SolVin Holding Nederland The joint venture was established to construct a polyvinyl chloride PVC plant with an annual capacity of 330 kilotonnes of PVC and 225 kilotonnes of caustic soda In February 2012 SIBUR entered into a joint venture arrangement with Reliance Industries Limited which established a joint venture called Reliance Sibur Elastomers Private Limited in which SIBUR owns a 25 1 stake The joint venture was established for the development of a butyl rubber production facility in India with an annual capacity of 120 kilotonnes It started production in 2015 and become operational in 2020 Now this is the region s first butyl rubber halogenation plant In addition Sibur agreed to share proprietary butyl rubber technology staff training and access to the complex equipment of polymerization reactors which is unprecedented for a Russian company and marks a unique case of partnership between the two countries 82 83 In August 2013 SIBUR and China Petroleum and Chemical Corporation Sinopec entered into a joint venture developed on the site of the Krasnoyarsk Synthetic Rubber Plant KZSK where Sinopec purchased a stake of 25 plus one share in KZSK In 2018 SIBUR Group established a 50 50 joint venture PTC with SG Trans a major Russian railway operator 84 In September 2019 the group acquired a 50 stake in Manucor which became a 50 50 joint venture between the Group and PS Film a member of the PillarStone Fund a BOPP films producer located in Italy 85 On 5 June 2019 SIBUR and Sinopec signed a Term sheet for a potential Joint Venture that could be based at Amur Gas Chemical Complex Subject to SIBUR s final investment decision Sinopec is expected to have a 40 share in the JV 37 The final investment decision for the project is still under consideration and is dependent on Sinopec s entering the joint venture and Russian government s decision to implement a negative excise tax on ethane and LPG The Ministry of Finance is finalizing the text of the draft amendments to the Tax Code In its extended configuration Amur GCC is projected to operate a world scale cracker together with polyolefin units with a total capacity of 2 7 mtpa 2 3 million tonnes of PE and 0 4 million tonnes of PP In September 2019 SIBUR signed a gas supply deal with Gazprom which would allow Amur plant to increase potential output by 80 to reach the extended configuration 86 In April 2021 SIBUR announced merger with another key company on the Russian petrochemical market Tatarstan based holding TAIF After the merger is completed the united company will become one of the TOP 5 world s petrochemical companies according to experts 87 In December 2021 RusVinyl plant got a new CEO Marc Andre Lahalle as a substitute for Guenther Nadolny after 10 years of service of leadership of the German top manager The new CEO has been already worked for the joint venture of Sibur and Solvay from 2009 to 2014 as deputy CEO and as production director as well before moving to Solvay Indupa in Brazil and in Argentina and also to Solvay Silica as COO As per Guenther Nadolny he s retiring from active business career 88 Ownership Edit As of December 2019 ownership of SIBUR was divided as follows 16 Leonid Mikhelson 48 5 Gennady Timchenko 17 0 current and former managers of SIBUR Holding 14 5 Sinopec 10 Silk Road Fund 10 In December 2021 Mubadala Investment Company confirmed the purchase of 1 9 of SIBUR Holding its local partner being the biggest investment of the state owned fund in Russian economy 89 Management Board PJSC SIBUR Holding 90 Mikhail Karisalov member of the Management Board Sergey Komyshan member of Management Board Alexey Kozlov member of the Management Board Sergey Lukichev member of the Management Board Oleg Makarov member of the Management Board Vasiliy Nomokonov member of the Management Board Peter Lloyd O Brien member of the Management Board Kirill Shamalov Deputy Chairman of the Management Board Ruslan Shigabutdinov member of the Management Board Awards and prizes EditIn 2019 SIBUR ranked 39th in the ICIS Top 100 Chemical Companies Rating by revenue 91 SIBUR is one of the best employers in Russia the hh ru rating of Russian employers ranked the company third among the country s 100 best employers in 2019 92 Between 2012 and 2017 SIBUR demonstrated the highest increase 54 in labour productivity among Russian companies according to ACRA Rating Agency 93 Randstad s rating recognises SIBUR as the most attractive employer in the chemical industry 94 95 96 SIBUR received an international Customer eXperience World Award in the Best customer experience in b2b category among industrial companies in 2020 and 2021 97 98 References Edit Popavshij pod sankcii Dmitrij Konov ujdyot s dolzhnosti predsedatelya pravleniya Sibura in Russian Interfaks 16 March 2022 a b c d PJSC SIBUR Holding International Financial Reporting Standards Consolidated Financial Statements and Independent Auditor s 31 December 2020 PDF http investors sibur com media Files S Sibur IR Financial results sibur ifrs 12m2017 rus pdf Kramer Andrew E 22 January 2016 Russian Fund Under Scrutiny for Loan to Company Linked to Kremlin The New York Times ISSN 0362 4331 Retrieved 7 June 2021 200 krupnejshih chastnyh kompanij Rossii 2019 Rejting Forbes Forbes ru in Russian 16 September 2019 Retrieved 8 August 2021 a href Template Cite web html title Template Cite web cite web a CS1 maint url status link Sibur Who we are a href Template Cite web html title Template Cite web cite web a CS1 maint url status link a b Struktura kompanii a href Template Cite web html title Template Cite web cite web a CS1 maint url status link a b c d History Sibur Retrieved 31 August 2018 Sinclair Neil Russia s Sibur contributes Rouble 2 2bn to Gazprom H1 pfts ICIS Retrieved 31 August 2018 ICIS Chemical Business Reed Business Information 2009 Blagov Sergei Gazprom gives nod to 5bn Sibur buyout ICIS Retrieved 31 August 2018 Blagov Sergei Russia s AKS renamed Sibur Holding ICIS Retrieved 31 August 2018 Energy trader Timchenko buys stake in Russia s Sibur Reuters 28 October 2011 Retrieved 10 August 2021 Blagov Sergei 10 January 2012 Russia s Sibur divests tyre business ICIS Explore Retrieved 8 August 2021 a href Template Cite web html title Template Cite web cite web a CS1 maint url status link Sibur to Sell Fertilizer Assets to Siberian Business Union Bloomberg L P 21 December 2011 Retrieved 8 August 2021 a href Template Cite news html title Template Cite news cite news a CS1 maint url status link a b SIBUR Company presentation PDF investors sibur com 2020 a href Template Cite web html title Template Cite web cite web a CS1 maint url status link Foy Henry 23 September 2018 Sibur s Dmitry Konov betting on expansion Financial Times Retrieved 10 August 2021 a href Template Cite news html title Template Cite news cite news a CS1 maint url status link Uzhno Balyksky gas processing complex Archived from the original on 16 April 2021 Retrieved 22 September 2021 SIBUR completes construction of a linear part of the product pipeline Purovskiy GCP Tobolsk Neftekhim stroytransgaz ru Retrieved 10 August 2021 Brown Tom 29 July 2016 Russia s SIBUR completes Tobolsk NGL capacity ramp up ICIS Explore Retrieved 16 August 2021 a href Template Cite web html title Template Cite web cite web a CS1 maint url status link SIBUR Commissions Stage 2 of Vyngapurovsky GPP Ramping up Infrastructure for APG Gas Processing gulfoilandgas com Retrieved 10 August 2021 Kobzeva Oksana 8 June 2018 Russia s Sibur says new gas chemical complex will cost up to 8 bln CNBC Retrieved 31 August 2018 One of world s largest polypropylene production facilities opens in Siberia siberiantimes com 16 October 2013 Retrieved 16 August 2021 a href Template Cite web html title Template Cite web cite web a CS1 maint url status link Tsay Maria 15 October 2013 Sibur s Tobolsk 500 000 PP plant to turn Russia into PP exporter Retrieved 16 August 2021 a href Template Cite web html title Template Cite web cite web a CS1 maint url status link RusVinyl opens polyvinyl chloride facility in Kstovo Russia worldofchemicals com 20 September 2014 Retrieved 16 August 2021 a href Template Cite web html title Template Cite web cite web a CS1 maint url status link RUSVINYL INAUGURATION MARKS START OF ONE OF THE LARGEST PVC PRODUCTION FACILITIES IN RUSSIA investors sibur com 19 September 2014 Retrieved 16 August 2021 a href Template Cite web html title Template Cite web cite web a CS1 maint url status link https zsnh sibur ru en 1Q 2020 Operational and Financial Results PDF investors sibur com SIBUR 14 May 2020 Retrieved 19 August 2021 a href Template Cite web html title Template Cite web cite web a CS1 maint url status link Holliman Naomi 12 June 2019 SINOPEC and SIBUR sign framework agreement for Amur gas chemical complex Hydrocarbon Engineering Retrieved 19 August 2021 a href Template Cite web html title Template Cite web cite web a CS1 maint url status link SIBUR vdvoe uvelichil moshnosti po proizvodstvu vspenivayushegosya polistirola AlphaporTM PDF STROITELNYE MATERIALY OBORUDOVANIE TEHNOLOGII XXI VEKA in Russian 12 167 11 2012 ISSN 1729 9209 Offshore Technology Oil and Gas News and Market Analysis Oil and gas news and in depth feature articles on the biggest offshore projects exploration and decommissioning technology and innovation as well as data on the latest oil price trends www offshore technology com Retrieved 10 August 2021 Mostyn Tom 19 September 2019 SIBUR and Sinopec sign petrochemical agreement Hydrocarbon Engineering Retrieved 19 August 2021 a href Template Cite web html title Template Cite web cite web a CS1 maint url status link Kantchev Georgi 18 August 2020 Russia China Deepen Ties With Construction of Massive Polymer Plant The Wall Street Journal ISSN 0099 9660 Retrieved 10 August 2021 Amur Gas Processing Plant gazprom com Retrieved 10 August 2021 Foy Henry 2 September 2019 Amur gas deal set to boost China Russia links Financial Times Retrieved 10 August 2021 a href Template Cite news html title Template Cite news cite news a CS1 maint url status link Brelsford Robert 5 April 2020 Sibur lets contract for Amur petrochemical complex ogj com Retrieved 19 August 2021 a href Template Cite web html title Template Cite web cite web a CS1 maint url status link a b Bailey Mary Page 29 December 2020 Sibur and Sinopec set up JV at Amur Gas Chemical Complex Chemical Engineering Retrieved 19 August 2021 a href Template Cite web html title Template Cite web cite web a CS1 maint url status link a b Rais Ahlam 18 December 2018 Sibur Commences Work to Build Maleic Anhydride Production Facility process worldwide com Retrieved 19 August 2021 a href Template Cite web html title Template Cite web cite web a CS1 maint url status link Sibur starts production from new TPE unit at Voronezh facility NS Energy 20 August 2013 Retrieved 19 August 2021 a href Template Cite web html title Template Cite web cite web a CS1 maint url status link a b c d e f SIBUR REPORTS FY 2016 IFRS RESULTS PDF investors sibur com PAO SIBUR Holding 14 March 2016 Retrieved 19 August 2021 a href Template Cite web html title Template Cite web cite web a CS1 maint url status link a b c d e f g h i j International Financial Reporting Standards Consolidated Financial Statements and Independent Auditor s Report PDF investors sibur com PJSC SIBUR Holding 31 December 2018 Retrieved 19 August 2021 a href Template Cite web html title Template Cite web cite web a CS1 maint url status link a b c d e f g h i j International Financial Reporting Standards Consolidated Financial Statements and Independent Auditor s Report PDF investors sibur com 31 December 2020 Retrieved 19 August 2021 a href Template Cite web html title Template Cite web cite web a CS1 maint url status link a b SIBUR REPORTS FY 2018 IFRS RESULTS PDF investors sibur com PAO SIBUR Holding 21 February 2019 a href Template Cite web html title Template Cite web cite web a CS1 maint url status link a b SIBUR reports Q4 and FY 2020 IFRS results PDF investors sibur comurl status live PJSC SIBUR Holding 11 February 2021 Retrieved 18 August 2021 a b c d SIBUR REPORTS FY 2016 IFRS RESULT PDF investors sibur comurl status live PAO SIBUR Holding 14 March 2017 Retrieved 18 August 2021 Dividends investors sibur com Retrieved 19 August 2021 a b International Financial Reporting Standards Consolidated Financial Statements and Independent Auditor s Report PDF investors sibur com 31 December 2016 Retrieved 19 August 2021 a href Template Cite web html title Template Cite web cite web a CS1 maint url status link Volkova Margaret 27 June 2013 SIBUR unveils Q1 2013 financial results mrcplast com Retrieved 19 August 2021 a href Template Cite web html title Template Cite web cite web a CS1 maint url status link Sibur to buy back part of 500 mln Eurobonds for the sum of 192 mln TASS 18 October 2018 Retrieved 19 August 2021 a href Template Cite web html title Template Cite web cite web a CS1 maint url status link Larionova Anna 19 October 2018 SIBUR announces results of Eurobond buyback offer mrcplast com Retrieved 19 August 2021 a href Template Cite web html title Template Cite web cite web a CS1 maint url status link Mackenzie Rhod 17 September 2019 SIBUR has placed five year Eurobonds worth 500 million more than 2 5 times over subscribed rusmininfo com Retrieved 19 August 2021 a href Template Cite web html title Template Cite web cite web a CS1 maint url status link SIBUR S FIVE YEAR EUROBOND FLOAT WORTH 500 MILLION OVERSUBSCRIBED BY MORE THAN 2 5X investors sibur com 17 September 2019 a href Template Cite web html title Template Cite web cite web a CS1 maint url status link Russia s Sibur says it raises 500 million in five year eurobonds Reuters 1 July 2020 Retrieved 19 August 2021 Russia s leading petrochemical company Sibur raises 208mn with bonds issue at record low yields intellinews com 22 May 2020 Retrieved 19 August 2021 SIBUR successfully closed the order book for exchange traded bonds of the BO 03 series in the amount of RUB 10 billion Capital Forex Investment 10 July 2021 Retrieved 18 August 2021 a href Template Cite web html title Template Cite web cite web a CS1 maint url status link Sibur Holding PJSC Update following upgrade to Baa3 PDF investors sibur com MOODY S INVESTORS SERVICE 16 February 2018 Retrieved 18 August 2021 a href Template Cite web html title Template Cite web cite web a CS1 maint url status link Fitch Upgrades SIBUR to BBB Outlook Stable fitchratings com 29 June 2019 Retrieved 19 August 2021 a href Template Cite web html title Template Cite web cite web a CS1 maint url status link S amp P affirms Russia s rating with stable outlook Reuters 19 July 2019 Retrieved 19 August 2021 Russia Based Petrochemical Producer Sibur Outlook Revised To Negative Affirmed At BBB PDF investors sibur com S amp P Global 27 May 2020 Retrieved 19 August 2020 a href Template Cite web html title Template Cite web cite web a CS1 maint url status link Fitch Affirms SIBUR at BBB Outlook Stable fitchratings com 11 June 2021 Retrieved 19 August 2021 a href Template Cite web html title Template Cite web cite web a CS1 maint url status link Sibur plastics in the snow bne IntelliNews www intellinews com 11 December 2018 Retrieved 10 August 2021 Foy Henry 27 August 2018 Sibur close to making decision on IPO Financial Times Retrieved 10 August 2021 a href Template Cite news html title Template Cite news cite news a CS1 maint url status link Lee Yen Nee 11 September 2018 Russia s largest petrochemicals firm says its IPO plans could go ahead next year CNBC Retrieved 10 August 2021 Ostroukh Andrey Golubkova Katya 7 June 2019 Russia s Sibur eyes Moscow IPO no earlier than 2020 CEO Reuters Retrieved 16 August 2021 Saigol Lina Road to IPO for Russia s Biggest Petrochemical Company Is Blocked by Trade Wars and Coronavirus barrons com Retrieved 10 August 2021 Kazmina Irina 13 July 2021 Dmitrij Konov Akcionery Sibura vsegda hoteli chtoby kompaniya byla publichnoj Vedomosti in Russian Retrieved 16 August 2021 a href Template Cite web html title Template Cite web cite web a CS1 maint url status link Novaya golubaya fishka stoit li pokupat akcii Sibura v sluchae IPO Forbes ru in Russian Retrieved 10 August 2021 Sibur completes sale of rubber assets to Tatneft Rubber amp Plastics News 4 November 2019 Retrieved 9 August 2021 Sibur acquires JSC Acrylate in Russia worldofchemicals com 29 July 2011 Retrieved 16 August 2021 a href Template Cite web html title Template Cite web cite web a CS1 maint url status link Sibur and Gazprom Neft to develop polypropylene production in Omsk Russia EXTRUSION The Online Magazine for Plastics Processing Industry Professionals 30 July 2019 Retrieved 16 August 2021 a href Template Cite web html title Template Cite web cite web a CS1 maint url status link Gazprom neft i Sibur kupili 100 omskogo zavoda polipropilena RBK in Russian 19 July 2019 Retrieved 16 August 2021 a href Template Cite web html title Template Cite web cite web a CS1 maint url status link Sibur and Gazprom Take Control of Poliom CHEManager www chemanager online com Retrieved 9 August 2021 Russia s Sibur buys petrochemicals rival Financial Times 23 April 2021 Evrokomissiya izuchit sliyanie Sibura i TAIFa in Russian Interfaks 9 September 2021 Prior notification of a concentration EUR Lex 9 September 2021 Sibur TAIF finalize their petrochemicals merger Rubber News 27 September 2021 a b 10 stake in SIBUR to be sold to China s Silk Road Fund Retrieved 31 August 2018 Keefe Joseph Keefe 11 December 2015 Sinopec to Acquire Stake in Russia s Sibur World Energy News Retrieved 19 August 2021 a href Template Cite web html title Template Cite web cite web a CS1 maint url status link Changes in the SIBUR Holding s shareholding structure investors sibur com Retrieved 31 August 2018 10 stake in SIBUR to be sold to China s Silk Road Fund investors sibur com Retrieved 10 August 2021 Sibur vyplatit dividendy po itogam 2020 g iz rascheta 13 17 rublya na akciyu finanz ru in Russian Retrieved 22 September 2021 a href Template Cite web html title Template Cite web cite web a CS1 maint url status link India s butyl rubber import my end once Russian JV starts in 2015 news biharprabha com Indo Asian News Service Retrieved 24 April 2014 Frolovskiy Dmitriy 10 September 2019 Giving age old ties a new shine The Hindu ISSN 0971 751X Retrieved 9 August 2021 SIBUR amp SG trans Set up a JV for Petrochemicals Transportation gulfoilandgas com 31 October 2018 Retrieved 16 August 2021 a href Template Cite web html title Template Cite web cite web a CS1 maint url status link BIAXPLEN set up a JV with Manucor Foy Henry 2 September 2019 Amur gas deal set to boost China Russia links Financial Times Retrieved 9 August 2021 a href Template Cite news html title Template Cite news cite news a CS1 maint url status link Cdelka s Taifom pozvolit Siburu vojti v pyaterku liderov neftehimii RBK Investicii in Russian Retrieved 22 September 2021 Smenilsya gendirektor SP Sibura i Solvay zavoda Rusvinil in Russian Interfaks 1 December 2021 Fond OAE Mubadala kupit 1 9 Sibura in Russian Interfaks 8 December 2021 Executive Management of Sibur sibur ru 16 March 2022 The ICIS Top 100 Chemical Companies PDF ICIS Chemical Business 31 4 10 September 2020 HEADHUNTER RELEASES RATING OF RUSSIA S BEST EMPLOYERS mlprussia com 25 March 2019 Retrieved 8 August 2021 a href Template Cite web html title Template Cite web cite web a CS1 maint url status link Eksperty ocenili proizvoditelnost krupnejshih nesyrevyh kompanij Rossii RBK in Russian 25 January 2019 Retrieved 8 August 2021 a href Template Cite web html title Template Cite web cite web a CS1 maint url status link SIBUR for the fifth time is recognized by the most attractive employer in category award Randstad AwardSostoyalas Chemical Industry a ceremony of delivery of annual awards of Randstad Award news myseldon com 9 April 2018 Retrieved 8 August 2021 a href Template Cite web html title Template Cite web cite web a CS1 maint url status link ANKOR i Randstad nagradili samyh privlekatelnyh rabotodatelej Rossii RBK in Russian 6 April 2018 Retrieved 16 August 2021 a href Template Cite web html title Template Cite web cite web a CS1 maint url status link SIBUR snova samyj privlekatelnyj e plastic ru in Russian 9 April 2018 Retrieved 16 August 2021 a href Template Cite web html title Template Cite web cite web a CS1 maint url status link Opyt SIBURa po vzaimodejstviyu s klientami otmechen premiej Customer eXperience in Russian 27 May 2020 Retrieved 16 August 2021 a href Template Cite web html title Template Cite web cite web a CS1 maint url status link SIBUR vtoroj god podryad stal laureatom premii Customer eXperience World Awards Nangs in Russian 3 June 2021 Retrieved 16 August 2021 a href Template Cite news html title Template Cite news cite news a CS1 maint url status link External links Edit Russia portal Energy portal Media related to Sibur at Wikimedia Commons Official website Retrieved from https en wikipedia org w index php title Sibur amp oldid 1113242730, wikipedia, wiki, book, books, library,

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