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Gazprom neft' OAO, SIBUR and Titan Group establish joint venture based on Poliom plant in Omsk

Thursday, 22 May 2014 08:00pm EDT 

Gazprom neft' OAO:Gazprom Neft, SIBUR and Titan Group signed an agreement to establish a joint venture based on Omsk Polypropylene Plant (Poliom).As part of the deal, Sibgazpolimer, a joint venture of SIBUR and Gazprom Neft (each having a 50 percent stake), acquired a 50 percent stake in Poliom from Titan Group.Under the agreement, Gazprom Neft is to supply Poliom with raw materials (propane-propylene fraction from Omsk Refinery), with SIBUR to sell Poliom’s products through its distribution network.Poliom’s Board of Directors is to consist of an equal number of representatives of Titan Group and Sibgazpolimer, with the plant’s operations handled by CEO.Currently, this position is held by Oleg Moloshtanov. 

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