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Petrochemical majors agree to temporary solution
15
Sep '10
Recently a dispute between Russian petrochemical companies Salavatnefteorgsintez and Kaustik, had taken place, after which Salavatnefteorgsintez stopped supplies of ethylene to Kaustk, which led to 3,500 employees of Kaustik being sent on leave.

According to Russia's Energy Minister, Sergei Shmatko, a temporary solution has now been found to the issue of pricing. Salavatnefteorgsintez will now supply Kaustik, ethylene at 19,000-19,500 roubles per ton (US $633-650), until the pricing row is settled in two months time.

Salavatnefteorgsintez stopped supplying Kaustik ethylene in August, due to which, Kaustik halted its production lines and thereafter, 3,500 personnel were sent on leave. Kaustik had accused Salavatnefteorgsintez of disadvantageous terms for supply of ethylene.

Meanwhile, Russia's anti-monopoly department had launched a investigation into abuse of its dominant position in ethylene by Salavatnefteorgsintez. The pricing of 19,000-19,500 roubles per ton, was based on a calculation done by the anti-monopoly department.

However, the minister added by saying that, it was a temporary solution and both the companies need to sit down and finalise a long term agreement on pricing, within a period of two months.

Fibre2fashion News Desk - India

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