Rubber Journal Asia

Russian billionaire takes up equity in Sibur

The shares were acquired in the name of a company known as Mirakl, which is controlled by Mikhelson, and it has the right to increase its stake to 50%, by buying another 25% from its owner Gazprombank after gaining anti-monopoly approval, according to Sibur.

Gazprombank, which bought 75% of Sibur's shareholding in 2005, said Mikhelson may buy up to 100% of Sibur, which is valued at US$7.4 billion, excluding debt.

Gazprombank is the largest Russian non-state owned bank and among the three largest banks in Russia.

At the K2010 show last year, President of Sibur, Dimitry Konov, had said that the company's plans to set up a butyl rubber plant in India are on track. "We have started negotiations with Reliance and these are now in the final stages," he said. He also said that an announcement will be made in a few months time. India is Sibur's biggest market for butyl rubber and it cannot supply it from Russia due to the logistics, hence its plans to set up a plant there, said Konov.