28 Jan 2022 14:03

SIBUR signs investment agreements with Energy Ministry totaling 400 bln rubles, obtains right to reverse excise tax

MOSCOW. Jan 28 (Interfax) - SIBUR and Russia's Energy Ministry have signed agreements on the modernization of existing and creation of new facilities for Nizhnekamskneftekhim, Kazanorgsintez, and ZapSibNeftekhim, the petrochemical holding said in a statement.

Within the framework of the agreements, SIBUR is implementing a set of projects aimed at expanding the production of materials that are in demand by domestic consumers. There are plans, among others, to launch the production of small- and medium-capacity chemical products that thus far have no domestic counterparts in Russia.

As part of signing the agreements with the ministry, SIBUR in 2022-2027 must invest at least 110 billion rubles to develop a production site in Tobolsk, and at least 285 billion rubles in enterprises in Tatarstan. Meantime, the preliminary estimate exceeds 560 billion rubles for the total cost of the entire pool of projects considered for implementation under the investment agreements.