Gunvor purchases petrochemical products from SIBUR at the rate of almost 2 billion rubles

In Q4, 2011 the oil trader Gunvor purchased petrochemical products from SIBUR at the rate of 1.846 billion rubles, is said in the report of SIBUR.

The founder of Gunvor ,Gennady Timchenko is one of the co-owners of SIBUR.

The press service of SIBUR specified that the appearance of the data about the commercial contracts with Gunvor was connected with the necessity in disclosure of the information about the transactions with interest after the changes in the structure of the shareholders’ capital of the holding.

SIBUR also specified that the current trader of the company Sibur International (previuosly Citco Waren-Handelsgesellschaft, the exclusive trader of Gazprom export in the sale of LPG) had been selling inconsiderable volumes of products in several ware groups (such as stable gas gasoline, pentane and isopentane) to Gunvor since 2006.

The company notes that the negotiations concerning each ware position are being led with the final consumers and several trading structures and the choice of SIBUR depends on the conditions proposed by the buyers.

In 2011 the purchases of Gunvor made up less than 8% of total export of SIBUR petrochemical products. This year the sales volumes will be a bit lower, the press service of the holding specifies.

100% of SIBUR Holding CJSC belong to SIBUR Limited. The main shareholder of SIBUR Limited is Leonid Mikhelson (57.5%), 37.5% belong to Gennady Timchenko, the rest 5% - to the management of SIBUR and the deputy Chairman of the Board Alexander Dyukov.

Source: http://rosinvest.com/novosti/926807/

Translated by Alexandra Utyasheva