Financial market sources had earlier told Reuters last month that Sibur was in fact preparing an IPO that could raise US$2-$3 billion and potentially take place by the end of the year.
Konov said in the interview: “We are considering the different options on the capital markets as and when necessary. Now it’s to early to say about the concrete plans.”
Owners in Sibur include the head of Russian gas producer Novatek, Leonid Mikhelson, with a 48.5% share, Mikhelson’s business partner, Gennady Timchenko (17%), and China’s Sinopec (10%) and Silk Fund (10%). A source familiar with the matter told Reuters last month that Mikhelson might sell part of his stake, while Timchenko and another shareholder, Kirill Shamalov, both subjected to US sanctions, were likely to retain their shares.
As most of Sibur’s revenue is made in US dollars, Konov said the largest part of the firm’s debt should also be denominated in the currency. He said capital spending was peaking in 2018 as construction works at a petrochemical complex in western Siberia, known as ZapSibNefteKhim, were expected to be completed in May next year.
The installation and start-up works need to be completed prior to ZapSibNefteKhim, which will be one of the world’s five biggest petrochemical plants, coming on stream, he added.
Sibur is considering building a second big plant, known as the Amur Gas Chemical Complex (GCC), and may make a final decision at the end of 2019, Konov said. According to the company’s web site, Amur GCC will have a capacity of 1.5 million tpy of ethylene, to be further transformed into polymer products.
Read the article online at: https://www.hydrocarbonengineering.com/petrochemicals/08082018/sibur-examining-capital-market-options-according-to-ceo/