OREANDA-NEWS. March 05, 2008. The BoD of Russia’s petrochemical major SIBUR approved a private offering of four seven-year bond issues worth a total of RUB 120bn (USD 4,98bn), company announced.

Further details on the issue will be considered on next shareholder meeting on March 14. Bonds are expected to be offered privately to Sibur Motors. SIBUR is a petrochemical arm of Russia’s gas giant Gazprom: Gazprombank controls 70% minus one share in SIBUR Holding, while 25% minus one share is held by Gazprom’s pension fund Gazfond managing company Leader and remaining 5% are under options program.

As reported previously, IFRS net profit of SIBUR went up by 17% y/y in H1/07 to USD 350mn. The proceeds of sales of petrochemical sales amounted to USD 2,5bn, up by 23,2% y/y. Sales of liquid hydrocarbons and dry gas soared by 140% y/y to USD 390mn.