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Sibur Buys 80% Stake in Gazprom’s Abandoned Baltic LNG Project

March 14 (Bloomberg) -- ZAO Sibur Holding, eastern Europe’s biggest petrochemicals producer, bought an 80 percent stake in OAO Gazprom’s abandoned Baltic LNG project in the Gulf of Finland.

The site may be used for production facilities, Rashid Nureev, a spokesman for Moscow-based Sibur, said today by telephone, without disclosing transaction terms.

Gazprom, the biggest natural-gas producer, dropped the Baltic LNG project in 2008 as it switched focus to the Arctic Shtokman field, where the company and its partners plan to make an investment decision by the end of March. Liquefied natural gas is gas that’s chilled to a liquid for transport by ship.

The sale to Sibur was reported today by Gazprom’s corporate magazine, which cited the project’s director-general, Alexander Krasnenkov. Sibur is in talks with shipper OAO Sovcomflot to buy the remaining 20 percent of Baltic LNG, Krasnenkov said.

To contact the reporter on this story: Anna Shiryaevskaya in Moscow at ashiryaevska@bloomberg.net

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net

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