Tatneft buys PET producer Ekopet for 6.45 bln rubles
MOSCOW. June 8 (Interfax) - Tatneft has bought Kaliningrad-based Ekopet Group of Companies, Russia's biggest polyethylene terephthalate (PET) producer, at an auction held by Trust Bank, the Russian oil company said.
Tatneft paid 6.45 billion rubles for the lot, starting price 3.75 billion rubles. There were four bidders.
Trust sold 100% stakes in JSC Ekopet, Expolimers Trading LLC and Balttechprom LLC as well as claims against the companies.
Ekopet JSC is a polyethylene terephthalate (PET) plant of the trademark EkoPet for production of PET bottles, cans and other food grade packaging, as well as various products for industrial and household use .It is the biggest PET producer in Russia and Eastern Europe.
The plant, a resident of the special economic zone in the Kaliningrad region, uses state-of-the-art Melt-to-Resin or MTR technology developed by Germany's Uhde Inventa Fischer GmbH. It was commissioned in 2011 and has design capacity for 220,000 tonnes of PET per year.
"The acquisition of Ekopet will enable the company to implement its plans to development its petrochemical business most effectively and will help the Tatneft Group to achieve its goals of reducing greenhouse gas emissions along the entire value chain. Legally binding documents for the deal should be signed in the coming weeks," Tatneft said.
The Tatneft-controlled bank Zenit acted as M&A consultant for the deal.