Gazprombank Cuts Stake in Russian Petrochemicals Producer Sibur

Gazprombank cut its stake in OAO Sibur Holding, Russia’s largest petrochemical producer, to 0.02 percent, the Moscow-based lender said today in a regulatory filing, without providing more details.

Last week, Gazprombank said Leonid Mikhelson, a billionaire shareholder and chief of gas producer OAO Novatek, bought 25 percent of Sibur and was in talks to buy the remaining shares. Sibur’s value is 225 billion rubles ($7.4 billion), excluding debt, the lender said.

Gazprombank, in which the state gas-export monopoly OAO Gazprom holds less than 50 percent, has said it is selling non- financial assets to improve its business structure.

To contact the reporter on this story: Ilya Arkhipov at iarkhipov@bloomberg.net

To contact the editor responsible for this story: Willy Morris in London at wmorris@bloomberg.net

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