Sibur completes sale of Ust Luga LPG, light products terminal to consortium
Russia's largest integrated gas processing and petrochemicals company, Sibur has completed the sale of its LPG and light oil products transshipment facility in the Baltic port of Ust Luga, the company said Tuesday.
A consortium made up of the Russian Direct Investment Fund (RDIF) and international investors has acquired 100% of the terminal after obtaining all regulatory approvals, the company said.
Sibur will continue to oversee operations at the terminal.
A spokesman from the company would not give further details of which companies make up the consortium or how much it paid for the terminal.
Sibur CEO Dmitry Konov said the deal was in its final stages of completion at the St. Petersburg International Economic Forum in June, where he specified that a condition of the sale was a guarantee of transshipment volumes for its gas liquids production.
The company said in June that in the first quarter of 2015 it halted naphtha trading operations at the Baltic port and was switching instead to offering transshipment services to others.
The company later issued a Rb100.72 million (around $1.5 million) tender mid-August to upgrade the transshipment complex, with results to be announced November 30.
Sibur confirmed those details at the time but would not disclose any further information.
The new owners will continue investing in the terminal's development, with projects already underway to expand the rail infrastructure and increase its transshipment capacity.
Current plans also include increasing the capacity for handling LPG from 1.5 million to 2.4 million mt/year and the transshipment of light oil products from 2.5 million to 2.8 million mt/year, the company said.