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Timchenko has no plans to run SIBUR Holding

Cypriot Dellawood Holdings Limited closed the deal with Gazprom on October 28 for the acquisition of 49.98 percent of SIBUR Holding shares

MOSCOW, October 31 (Itar-Tass) —— Gennady Timchenko has no plans to run SIBUR Holding, his representative told Itar-Tass on Monday, October 31.

According to Timchenko, “SIBUR has a professional team of managers and has a good board of directors, who can implement the corporate development strategy.”

“This fully agrees with me as an investor. So my participation would be unnecessary. But we intend to take an active part in the development of the company in accordance with the existing strategy,” Timchenko said.

Cypriot Dellawood Holdings Limited closed the deal with Gazprom on October 28 for the acquisition of 49.98 percent of SIBUR Holding shares. Dellawood and its subsidiary Miracle hold 100 percent of SIBUR Holding shares.

According to the company, Leonid Mikhelson owns 57.7 percent of SIBUR shares, Timochenko 37.5 percent, SIBUR managers Dmitry Konov, Mikhail Karisalov, Mikhail Mikhailov, and Alexander Dyukov 5 percent of Dellawood’s authorised capital.

SIBUR is a leading petrochemical plant in Russia and Eastern Europe. The company operates across the entire petrochemical process chain from gas processing to the production of monomers and plastics, mineral fertilizers, tyres and industrial rubber items, as well as the processing of plastics.

SIBUR produces over 2000 different brands of products. The company processes more than half of APG and produces 23 percent of propylene, 23 percent of polypropylene, 17 percent of polyethylene, from 30 to 49 percent of different rubbers, 34 percent of tyres, 16 percent of nitrogen fertilizers, and considerable part of other petrochemical products in Russian market.

SIBUR incorporates plants that employ over 50,000 people in 20 Russian regions. The company is managed along product-division lines - Hydrocarbon Feedstock, Synthetic Rubbers, Plastics and Organic Synthesis Products, Mineral Fertilisers and Tyres.

Gazprombank Group is the principle shareholder of SIBUR Holding JSC, with control of more than 95 percent of the company shares. SIBUR Holding JSC is managed by SIBUR LLC that acts as the holding company's sole executive body.

Over recent years, the company has consistently delivered healthy financial and operational results. In 2009, SIBUR Group plants processed 16.8 billion cubic metres of APG and produced 15 million tonnes of petrochemicals and 14.8 billion cubic metres of LPG.

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