MOSCOW, January 11. /TASS/. The Government Commission on Foreign Investment approved acquisition of a 10% stake in Sibur by the Chinese Silk Road Fund subsidiary, according to the Russian Federal Antimonopoly Service (FAS).
"The Government Commission on Foreign Investment tentatively approved acquisition of a 10% stake in Russian Sibur holding by the Silk Road Fund subsidiary, controlled by the People's Republic of China," FAS said.
FAS expects that involvement of the Silk Road Fund as a strategic investor of Sibur holding will have a positive impact on strengthening ties with China's leading financial institutions and increasing availability of financing for investment projects implemented by the company. "Involvement of the Silk Road Fund in Russian projects attest to a good level of business relations and trust in cooperation between Russia and China," the Service said.
In December 2016, the agreement on acquisition of a 10% stake in Russia’s Sibur by China’s Silk Road Fund was signed in Beijing.
In December 2015, Sinopec finalized the deal on acquiring a 10% stake in Sibur for $1.338 bln.
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.