OAO Novatek has completed the sale of 100% of its OOO Novatek-Polymer to Russian petrochemical company OAO Sibur Holding.
Novatek initially transferred a 32% equity interest in Novatek-Polymer to OAO Sibur Holding on 2 September 2010 after the signing of the sales and purchase agreement.
The remaining 68% equity interest was transferred on 27 September 2010 following the approval of the deal from the Russian Federal Anti-Monopoly Service.
The disposal of Novatek-Polymer, which accounts for less than 3% of Novatek’s total revenues, is consistent with the company’s strategy to focus on its core natural gas and gas condensate production and processing activities.
OAO Novatek is a natural gas producer engaged in the acquisition, exploration, development, production and processing of natural gas and liquid hydrocarbons.