Board of Directors' meeting adjourns
The Board of Directors’ meeting has adjourned at the Company’s Headquarters.
The Board of Directors agreed on the sale of a 50.6666667% stake in AK Sibur to SIBUR Holding.
The matters concerning RosUkrEnergo, Krasnoyarskgazprom and Krasnoyarskgazdobycha will be addressed at one of the next meetings of the Board of Directors.
On February 4, 2005, the Gazprom Board of Directors took the decision prescribing the repayment of AK Sibur and its subsidiaries’ RUR 40.1 bln debt to Gazprom with shares of an open joint stock company to be set up on the platform of AK Sibur’s liquid petrochemicals assets.
Registered in summer 2005, AKS Holding (later renamed as SIBUR Holding) became owner of AK Sibur’s production assets. 100% of the shares in the new company are controlled by Gazprom and AB Gazprombank.
Within the 2nd half of 2005 all operations and personnel of AK Sibur were transferred to SIBUR Holding.
Starting 2006 AK Sibur hasn’t performed any production activity and exclusively focused on its debt servicing.
SIBUR Holding’s acquisition of the Gazprom owned shares in AK Sibur will be a logical completion of AK Sibur Group’s petrochemicals business restructuring, will enable to simplify and enhance the transparency of SIBUR Holding’s asset management structure and will generate the opportunity for SIBUR Holding and AK Sibur to cross-cancel existing debts.
Information Directorate, OAO Gazprom