In Russia, thanks to the merger of the petrochemical divisions of Sibur and Taif, one of the world’s largest companies in this industry appeared. About the transaction is reported on the site “Sibur”.
“In the framework of the Sibur Holding PJSC, the company will be created in which the existing shareholders of TAIF JSC will receive a share of 15 percent in return to the transfer of a controlling stake in the Group, consisting of petrochemical and energy enterprises,” says in the message.
The exact size of the share of the new joint venture is not specified in the capital. It is also noted that subsequently the remaining stake in Taif can be bought by a combined company.
Educated as a result of the merger, the company will enter the number of the five largest in the global petrochemical industry. The management of Sibur and Taif calculates the stability of business and competitiveness in foreign markets.
SIBUR was formed in 1995 and at the moment belongs to the structures of Leonid Michelson (48.5 percent), Gennady Timchenko (17 percent), as well as the Chinese Sinopec and the Chinese Silk Road Investment Fund.
Taif was also founded in 1995 as a joint venture, whose name is decrypted as “Tatar-American Investments and Finance”. At the time of the transaction the main owners were the sons of the first President of Tatarstan Mentimer Shaimyeva Airat and Radics (19.5 percent). The main assets are associated with chemical, petrochemical and oil and gas processing industries.