Sibur sells 33% of 2012 gas production to Novatek; increases sales to Gunvor
MOSCOW. April 5 (Interfax) - Sibur Holding sold 10.6 billion cubic meters of natural gas last year, of which one-third went to Novatek .
Leonid Mikhelson and Gennady Timchenko hold large stakes in both companies.
Sibur produced 11 bcm of gas in 2012 (excluding Yurgazpererabotka), 1.2% more than in 2011. It sold 10.6 bcm, 15.6% more, according to Sibur's IFRS financials for 2012.
According to Novatek's financial report, the company began buying gas from Sibur in January 2012, purchasing a total of 3.5 bcm last year.
Under an agreement between the two companies running to 2022, Sibur will deliver 69.7 bcm of gas, its entire un-contracted supply, to Novatek. In addition, the two companies agreed that Novatek would sell gas to Sibur to meet internal needs. That agreement expires in 2016. Sibur consumed 1.3 bcm of gas for internal needs in 2012. It also purchased 0.7 bcm from third parties.
This year, Sibur will sell gas to Novatek at the point of production, that is, it will not have to receive access to the gas pipeline system. Last year, Sibur was responsible for paying transportation costs.
Including Sibur's share of gas produced by Yugragazpererabotka, a joint venture with TNK-BP, Sibur produced 16.4 billion cubic meters of gas in 2012, 3.6% more than in 2011. Under its contract with TNK-BP, which was acquired by Rosneft in March 2013, Sibur sells its production to the partner in the joint venture, about 5.5 bcm last year.
Sibur also said sold fuel and raw materials to Gunvor Group last year totaling 5.25 billion rubles, up from 1.8 billion rubles in 2011.
Gunvor's 2011 purchases amounted to less than 8% of Sibur's total exports of petrochemical output that year.
