Sistema targets United Petrochemical revenue at $600 mln in 2013, service assets - $810 mln
MOSCOW. Nov 25 (Interfax) - Sistema expects United Petrochemical Company (UPC), which it purchased from Bashneft in September, to have $600 million in revenue in 2013 and operating income before depreciation and amortization (OIBDA) above $50 million, Sistema said in materials.
There are no financial indicators for 2012 since UPC was formed in April 2013.
Sistema purchased 98% of UPC from Bashneft for 6.2 billion rubles and said investment in the asset would enable the company to produce high-margin products, especially polyester, and provide it with a promising partner with international expertise. UPC signed an agreement with Mexican Alpek in September to create a joint venture for construction of an integrated purified terepthalic acid (PTA) - polyethylene terephthalate (PET) plant in Ufa, Bashkortostan, with capacity to produce 600,000 tonnes of PTA and 600,000 tonnes of PET.
Sistema expects UPC to begin paying regular dividends after 2017.
Sistema expects another subsidiary purchased from Bashneft, Bashneft Services Assets (BNSA), to post $810 million in revenue this year, on a par with last year. OIBDA is forecast at over $30 million, up from $6 million in 2012.
Sistema plans to renew BNSA's fleet of vehicles and equipment, sell noncore assets and either sell BNSA, partially or in full, to a strategic partner or offer shares in an IPO.
As of the end of 2012, BNSA operated 104 drilling rigs (which had served 70% of their service life on average), 180 workover rigs (50%) and more than 5,000 units of transportation equipment (50%). BNSA's operations are concentrated in the Volga-Urals region, Komi republic, and Khanty-Mansii and Nenets autonomous districts. Its biggest client is Bashneft, which accounted for 52% of the wells BNSA drilled in 2012.