Russia's petrochemicals producer Sibur said it has bought a 17.5% stake in polyethylene terephthalate producer Polief from the government of the Republic of Bashkortostan, consolidating 100% ownership of the company.
Sibur's bid of Rb500.11 million ($6.88 million) was the winner in the auction held last week.
"Sibur gaining 100% control over Polief will continue investing in the facility, environmental, health and safety initiatives, despite the challenging situation on the PET domestic market," said Pavel Lyakhovich, Managing Director of the company's Plastics and Organic Synthesis Division.
Polief modernized its existing PET production lines last year and built and additional line, scaling up its PET capacity to 210,000 mt/year.
