West-Siberian Petrochemical Complex LLC (ZapSibNeftekhim) will take over SIBUR Tobolsk LLC, according of Russia's Unified State Register of Legal Entities.
The merged company will cease operations after the restructuring.
ZapSibNeftekhim, one of the largest petrochemical complexes of SIBUR Group, was built in 2019 in the Eastern industrial district of Tobolsk. The plant is expected to reach full capacity in the second half of 2020, with plans to produce 500,000 tonnes of polypropylene and 1.5 million tonnes of polyethylene per year. During the coronavirus pandemic, demand for the plant's products increased significantly as polypropylene is a primary material for the production of non-woven masks and protective suits for doctors.
PJSC SIBUR Holding (tax number: 7727547261) is the largest Russian manufacturer of petrochemical goods. SIBUR's controlling shareholder is Leonid Mikhelson.
SIBUR's IFRS net profit for 2019 increased by 27.6% YoY to RUB 141.4 billion. The company's revenue decreased by 6.6% to RUB 531.3 billion, EBITDA by 15.4% to RUB 170 billion.
IFRS net loss of SIBUR Holding for Q1 2020 amounted to RUB 52.281 billion against a profit of RUB 46.02 billion a year earlier. Revenue dropped by 7.8% to RUB 120.671 billion from RUB 130.886 billion, EBITDA by 15.2% to RUB 37.428 billion from RUB 44.161 billion.
