OREANDA-NEWS. May 26, 2014. Rosneft and SANORS Holding Limited signed agreement of sale and purchase, according to which Rosneft acquired enterprises of SANORS group of companies.

The agreement was signed by Rosneft President, Chairman of the Management Board Igor Sechin and SANORS Holding Limited (Novokuibyshevsk Petrochemical Company) President Igor Soglaev, in the presence of Nikolay Merkushkin, governor of the Samara region.

The document implies Rosneft’s purchase of 100% stocks of SANORS Holding Limited. The transaction is to be completed after obtaining permits of anti-monopoly and other regulatory authorities by third quarter of 2014. Sberbank CIB appeared as financial adviser of SANORS Holding Limited for the transaction.

‘This transaction with SANORS is a key phase in the development of petrochemical strategy of Rosneft,’ Igor Sechin said after the signing. ‘One of the tasks of the project is to build new world-class petrochemical complex in the Samara region. Deep integration of oil and gas resources and processing resources will lead to significant synergistic effect in the region of oil and gas processing and petrochemistry, and will provide impetus for accelerated development of the industries which accumulate high value added’

‘Consolidation of share capital in the hands of one owner will promote accelerated development of SANORS’s plants sidewards better processing’ – President of the Holding Igor Soglaev commented on the agreement.

Governor of Samara region Nikolay Merkushkin mentioned that acquisition of SANORS petrochemical holding by Rosneft will get petrochemical industry to the new level. “Intergation of novokuibyshevsk site headed by Rosneft will let to fix the positive dynamics of development of the petrochemical plants of the region. Regarding the availability of the crude materials, this will have a good impact on the marketability of the final output. As a result the importance and influence of the petrochemical complex of the region on the economy of the Novokuibyshevsk and Samara region will rise.” – said Nikolay Merkushkin.