SIBUR Board of Directors Creates New Subsidiary for East Siberia and Russian Far East

The Board of Directors of OJSC “SIBUR Holding” has decided to incorporate a new subsidiary, LLC “SIBUR Vostok”, to plan and implement investment projects in East Siberian and the Russian Far East.

The new company will focus on opportunities to design, construct and operate gas processing and gas petrochemical facilities in the Irkutsk, Krasnoyarsk, Primorskiy and Khabarovsk regions and in the Sakha Republic (Yakutiya). SIBUR Vostok will enter into negotiations with subsoil users and regional authorities on possible participation by the company in the development of new production facilities.

Denis Solomatin has been appointed General Director of SIBUR Vostok - a role he will combine with his position as General Director of LLC “Yuzhno-Priobskiy Gas Processing Plant”.

“East Siberia and the Far East are regions with good development prospects for the gas processing and gas petrochemicals industries”, says Aleksandr Dyukov, Chairman of the Board of Directors of OJSC “SIBUR Holding”. “But for these investments to be efficient there needs to be integrated utilization of the hydrocarbon resources and active involvement by the State in developing the necessary infrastructure”.

For Editors

In September 2007, the Russian Government approved a “Programme for the Creation in East Siberia and the Far East of a Unified System of Gas Production, Transmission and Supply, with Possible Gas Exports to Asian Pacific Region”. The programme envisages the creation of 4 new gas production centres in Krasnoyarsk, Irkutsk, Yakutsk and Sakhalin, the development of gas transmission infrastructure and construction of gas processing and petrochemicals facilities.