China's participation stake in Sibur may reach 30% with Sinopec stake
BEIJING. June 2 (Interfax) - The Chinese participation stake in Sibur may reach 30% with account of the 10% stake already bought by Sinopec and the possible future purchase of another 10%.
"Sinopec has the legal opportunity to buy up to 20% of Sibur's shares, it has already bought 10%. An additional 10% [which Silk Road Fund and CDB might contend for] does not concern our clearance to buy 10% of Sibur," Sinopec vice president for planning and development Dai Liqi told journalists.
In the protocol for the meeting taking place this week in Sochi of the Russian-Chinese intergovernmental commission, it was said: "The parties welcome a closing of a deal for the purchase by Sinopec of 10% of Sibur as a sectoral strategic investor. Russia notes that in accordance with the Chinese request to the Russian governmental commission for foreign investments, the purchase of up to 20% of Sibur was approved and Russia will welcome the interest of Chinese financial and strategic investors, such as the Silk Road Fund, CDB Capital, Sinopec for the purchase of an additional 10% of Sibur."
"We have no disagreements with Sibur on dividend policy. Of course, from any company it is desirable to receive more dividends," Dai Liqi said, answering a question about whether or not Sinopec is happy with the dividend policy of Sibur (25% of profit to International Financial Reporting Standards (IFRS)).
He also said that Sinopec is expecting by the end of the year to agree on marketing of products from Sibur's new plant, ZapSibNeftekhim.
"We know the products that ZapSib-2 will produce, a substantial part will be exported. Currently Sinopec is discussing the issue of promoting these goods with Sibur. Before the end of the year, we want to agree on ways of selling these products," he said.