Rosneft has completed the purchase of 100% of shares in SANORS Holding Limited (Novokuibyshevsk Petrochemical Company). The transaction was completed after obtaining all the necessary approvals from antimonopoly and regulatory authorities. The purchase of SANORS Group is in line with Rosneft’s long term development strategy and implies a profound integration of Rosneft oil and gas production and refining assets with existing SANORS Holding petrochemical production facilities. The integration will help to strengthen the vector of petrochemical development and increase the added value of production.
This transaction will allow Rosneft to develop its own line of import substitution, as well as meet growing domestic demand for key polymers and other chemical products. The integration of SANORS Holding in the perimeter of Rosneft will have a stimulating effect on the economy in Novokuibyshevsk and the Samara region as a whole.
Commenting on the results of transaction’s completion, Igor Sechin said: “Consolidation of the production capacities of Rosneft and SANORS Group will allow creating a unique business asset for the Samara region. As a result of this mutually beneficial business alliance, a new promising player will appear at the Russian petrochemical market. At the same time this agreement will extend Rosneft’s access to the marketing outlets for high margin production.”
Adapted from press release by Rosalie Starling
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