OREANDA-NEWS. Otechestvennye Polimery LLC, LUKOIL-Neftekhim and SIBUR's joint venture, and Zavod Selena LLC have signed an agreement for the buyout of POLYEF JSC, the only polyester/polyether producer in Russia.  

After the agreement conclusion POLYEF JSC would remain independent, specifically, in the field of feedstock purchase and marketing.  Strategic development would be governed by the Board of Directors consisting of 6 representatives of Otechestvennye Polimery JV, 3 representatives of Zavod Selena LLC and 2 representatives of Bashkortostan authorities.

Shareholders of the enterprise in partnership with Bashkortostan authorities are working out a program for the investment development of POLYEF JSC for the coming years.  

POLYEF JSC (Blagoveschensk, the Republic of Bashkortostan), the only Russia's polyester/polyether complex, was designed in the 80-s as an integrated complex with capacity for 230 kta of terephthalic acid (TPA) and 240 kta of polyethylene terephthalate (PET), as well as for production of preforms, technical thread and nonwoven fabrics. The equipment was purchased at the times of the Soviet Union, yet assembling and engineering set-up were stopped due to the lack of financing.