Sibur looks forward to cooperation with Mubadala and its investment network

Sibur hopes to cooperate with the UAE sovereign investment fund Mubadala Investment Company and its investment network after the fund enters the capital of the petrochemical company, but there are no concrete plans yet. This was announced to TASS by the head of Sibur, Dmitry Konov, on the sidelines of the Gaidar Forum.

“We look forward to working with Mubadala and their investment network, but there are no concrete things right now. There are no specific plans for today, arising from the entry of Mubadala into the capital of Sibur,” he said.

In December 2021, Mubadala Investment Company bought a 1.9% stake in Sibur. The terms of the deal were not disclosed, but it was noted that they were agreed before the completion of the merger between Sibur and Taif.

Sibur is the largest vertically integrated gas processing and petrochemical company in Russia, uniting a number of production sites in various regions of the Russian Federation. The company sells its products to consumers in the fuel and energy complex, automotive, construction, FMCG, chemical and other industries in more than 100 countries around the world.

The structure of the company’s shareholders before Mubadala entered the capital was as follows: the largest shareholder of Sibur was Leonid Mikhelson (30.6%), followed by the shareholders of Taif (15%), businessman Gennady Timchenko (14.5%), former and current management (12.3%), Sogaz (10.6%), Sinopec and the Silk Road Fund – 8.5% each.

About the forum

The Gaidar Forum is an annual international scientific and practical conference in the field of economics, which has been held since 2010. The forum is organized by the Russian Academy of National Economy and Public Administration under the President of the Russian Federation (RANEPA), Institute of Economic Policy. E. T. Gaidara and the Association of Innovative Regions of Russia (AIRR).

TASS is the general media partner of the forum.

Source: tass.ru