SIBUR Has Completed the Acquisition of Citco Waren-Handelsgesellschaft m.b.H27 Aug 2010 • by Natalie Aster
SIBUR, Russia’s leading petrochemical company, announces completion of the acquisition of Citco Waren-Handelsgesellschaft m.b.H., a leading international petrochemical trader. SIBUR has received all relevant approvals for the acquisition from the European Commission’s Competition Authorities and other antimonopoly authorities of European countries, non-members of EU.
CITCO was established in 2003 in Vienna. The Company specialises in liquid gas, petrochemical products and fertilisers exported internationally from Russia and Eastern Europe by providing financing, transportation, handling and intermediate storage services.
The acqusition will support the continued development of SIBUR’s international sales, particularly into the European Union and Asia. It will also enhance SIBUR’s LPG distribution platform for oil and gas companies, which will contribute to reduced petroleum gas flaring in line with Russian Government policy. Following the acquisition, the export contract between SIBUR and Gazprom Export was not extended.
Commenting on the aquisition of Citco Dmitry Konov, President, said : “This is an important strategic development for SIBUR, which will greatly strengthen our ability to build market share internationally. The Citco team has an excellent track record, particularly in ensuring the highest safety and ecological standards. We look forward to working with our new colleagues in Vienna to support Citco’s continued development.”
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