National Welfare Fund to support Sibur

The National Welfare Fund has  approved the application of Sibur, deputy chairman, K. Shamalov, said (holds 21.3% of the company’s shares).

There is a positive decision upon the request to support the “Zapsibneftechem-2” project and consider an opportunity to finance it by the National Welfare Fund, Mr. Shamalov said. Currently the company prepares the documents for the Ministry of Economic Development.

The date of putting the “Zapsibneftechem-2” project into operation might be postponed for half a year-year and its value will be reconsidered. In September it cost about $9.5 bln. This is one of the largest projects in Russia. The approximate dates of putting into operation were the end of 2018-beginning of 2019. Now we reconsider the economic part of the project. A significant part is foreign technologies by which the contracts are signed, there is a foreign financing. The recalculation is economically reasonable, we mean today’s fluctuations of the exchange rate, Mr. Shamalov said. The trend won’t change radically in the polymer segment, the sector will anyway be growing. Our company looks at today’s conditions, restrictions, difficulties with financial markets, but we don’t freeze and shut down the project discussed now - “Zapsibneftechem-2” project – which had been developed for a long while but announced only in September, he added.

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