Deal for Sibur to enter Kazakhstan polypropylene production project closes, 40% share registration approvedThe deal for Sibur to enter the Kazakhstan Petrochemical Industries (KPI) Inc. polypropylene production project in the Atyrau region in western Kazakhstan has closed."On February 9, 2024, an extraordinary general meeting of KPI participants decided to conduct the state re-registration of a 40% share of KPI in favor of PJSC SIBUR Holding," a report from Kazakhstan's Samruk-Kazyna National Wealth Fund said.The agreement to sell a 40% stake in Kazakhstan Petrochemical Industries to Sibur was signed in November 2022. Meanwhile, the Russian company's share remained on the Samruk-Kazyna fund's balance sheet since that time, as "the sales agreement contains certain preliminary conditions that must be satisfied before the transaction is declared closed," the report said.Now the ownership structure of KPI is in line with the agreements: 49.5% is controlled by KazMunayGas, 40% by Sibur, 9.5% by the Samruk-Kazyna Fund, and 1% by Almex Plus LLP (a private investor, part of the ALMEX holding group).The Samruk-Kazyna fund's report says that the remuneration for the 40% share totaled $180 million (equivalent to 83.601 billion tenge). The amount is payable in scheduled installments through November 30, 2026.Sibur confirmed to Interfax that the deal had closed, but did not comment on the price.The Kazakhstan Petrochemical Industries polypropylene production plant launched in early November 2022. The enterprise's capacity is 500,000 tonnes of polypropylene per year, using propane from the Tengiz field as raw materials. The construction of the complex cost the participants $2.63 billion, including an EPC agreement of $1.865 billion. (ICE ALMATY)

Fonte notizia: INTERFAX