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 on.ft.com/3p8bktu 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.

Source: Read Full Article