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Russia to review Silk Road Fund application for purchasing 10% stake in Sibur — PM

January 11, 2017, 15:12 UTC+3 MOSCOW

Total volume of investment in the Russian economy increased, according to the Russian premier

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MOSCOW, January 11. /TASS/. The Government Commission on Foreign Investment is going to review the request of the for purchasing a stake of 10% in Sibur, Prime Minister Dmitry Medvedev said on Wednesday.

"Today we have several applications, including the Chinese Silk Road Fund that wants to buy a stake in Sibur," Medvedev said.

The government is holding its first meeting of the Commission on Foreign Investment this year. Russia "is still interested in expanding cooperation with those who are willing to create and develop projects", Medvedev said in his opening speech.

According to him, foreign investors remain interested in Russia, "and in some ways it became even stronger." Total volume of investment in the Russian economy increased, Medvedev said.

The Prime Minister acknowledged that "the total volume is still far from prosperous 2014." "In the pre-crisis level, we have not yet come", - he concluded.

In December 2016, the agreement on acquisition of a 10% stake in Russia’s largest gas processing and petrochemicals company Sibur by China’s Silk Road Fund has been signed in Beijing.

In September 2015, Sibur and Sinopec signed a strategic partnership agreement during a state visit of Russian President Vladimir Putin to Xi Jinping, the President of the People’s Republic of China.

In December 2015, Sinopec finalized the transaction on acquiring a 10% stake in Sibur for $1.338 bln, and received the right to acquire another 10% of shares of the company within the next three years.

Sibur is a gas processing and petrochemical company that operates 26 production sites in different regions of Russia. Head of Novatek Leonid Mikhelson is the main shareholder.

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