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SIBUR BoD approves capex budget hike for ZapSibNeftekhim
Sep '14
SIBUR's Board of Directors has approved increased funding for the ZapSibNeftekhim petrochemical project in 2014, with overall capex budget for 2014 increasing from RUB 53 billion to RUB 74 billion.

Based on completion of the FEED contracts and assessment of the design documentation, SIBUR said it is moving on to the next stage of the ZapSibNeftekhim project.

With the project moving on to the next stage, SIBUR's BoD has approved increased funding for the project in 2014, with overall capex budget for 2014 increasing from RUB 53 billion to RUB 74 billion.

The ZapSibNeftekhim's petrochemical project is designed to operate a steam cracker with a capacity of 1.5 MTPA of ethylene, around 500 KTPA of propylene and 100 KTPA of butane-butylene fraction (BBF).

Alongside, the project will also have units with a total capacity to produce 1.5 MTPA of various grades of polyethylene and a polypropylene unit of 500 KTPA.

SIBUR said the FEED for the cracker, polyethylene and polypropylene units has been completed and now it has signed an agreement to design infrastructure and off-site facilities.

SIBUR will invest around RUB 360 billion or some US$ 9.5 billion in the ZapSibNeftekhim project which includes expenditure already incurred and costs budgeted for commissioning.

The Russian oil and petrochemicals major added that production site infrastructure construction and other works for the project are to be completed within 5-5.5 years.

SIBUR hired Environmental Resources Management (ERM), a leader in HSE advisory services, to estimate ZapSibNeftekhim's environmental footprint.

Comprehensive analysis showed that the prospective operations comply with the applicable Russian laws and environmental requirements.

ZapSibNeftekhim's construction and operations will neither exceed environmental standards nor have a material adverse effect on the environment, SIBUR informed.

The facility will create new jobs, provide more tax and other payments to the budget, and contribute to the social development and quality of life in Tobolsk, it added.

CEO at SIBUR, Dmitry Konov said, “SIBUR has delivered on ambitious projects to expand its gas processing and fractionation capacity and build its first large polymer production capacities, providing the basis for a smooth transition into the next stage of the project.” (AR)

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