Russia's Sibur plans to list near opening of $10 billion petrochemical unit in mid-2024: FT

(Reuters) – Russia’s largest petrochemicals producer Sibur was more likely to list in the public markets close to the opening of a $10 billion Eastern Siberia production plant by mid-2024, the company’s chief financial officer told the Financial Times.

The company, which is halfway through a $19 billion expansion push to open two new production sites that will roughly treble its pre-2020 polymer output, will instead focus on ramping up its exports to China and other Asian markets, CFO Peter O’Brien told the FT.

Sibur on Thursday said that the Eastern Siberian Amur Gas Chemical Complex, could start operations six months ahead of schedule by mid-2024 and the cost of the project will probably be $10 billion, down from previous estimates of between $10 billion and $11 billion.

A company spokesman could not be immdiately reached for a comment.

The Amur Gas complex is expected to produce 2.3 million tonnes of polyethylene and 400,000 tonnes of polypropylene a year.

“Maybe doing something nearer to when Amur is going to come on stream and you can get value from the market for that . . . that might be enough to make the shareholders feel like maybe it makes sense to do it,” O’Brien told the FT.

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