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Moscow ex-mayor Luzhkov to remain Open Joint Venture Joint Petrochemical Company board member

A Joint Petrochemical Company was set up in 2011 as a joint venture of Bashneft and an Austrian Petrochemical Holding

Moscow, December 5 (Itar-Tass) — The ex-mayor of Moscow Yuri Luzhkov will continue working as board of directors member of Open Joint Venture Joint Petrochemical Company (ONK), L.F.K. Systems' board of directors chairman and its owner Vladimir Yevtushenkov told a briefing here on Wednesday.

A Joint Petrochemical Company was set up in 2011 as a joint venture of Bashneft (affiliate to L.F.K.) and an Austrian Petrochemical Holding belonging to the former SIBUR owner, businessman Yakov Goldovsky. The stakes of the JV shareholders equaled 74.99 percent and 25.01 percent respectively.

According to Yevtushenkov, the chairman’s post of the board of directors was never offered to Luzhkov.

In January-February 2013 the Joint Petrochemical Company will adopt the strategy of its further development.

So far the assets of Goldovsky’s companies in Nizhny Novgorod (Korund, Korund Active, Korund Tsian) as well as 90.70 percent of shares of Ufaorgsyntez (a subsidiary of Bashneft) have been passed over to the ONK.

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