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CIS GAS MONETISATION

09 – 10 April 2019   |   Moscow, Russia

Irkutsk Oil Company offered partnership to Sibur in the Ust-Kuta gas chemical project

Posted on 07-12-2018  by GBC 
According to RBC, Irkutsk Oil Company (INK) has offered SIBUR a minority stake in the company, “a maximum of 25%,” one of the publication’s interlocutors specified. Companies can conclude an off-take contract: in this case, SIBUR will buy polyethylene from the plant and sell it through its own channels. The INK is negotiating to attract other minority shareholders, but intends to retain more than 50%.
“The advantage of SIBUR are in the competence to implement investment projects of such a profile, logistics and operation of product flows, sales of polymer products in the Russian and international markets,” another publication source said.
A SIBUR representative said that the company is aware about the INK project, but “there are no agreements in any detail today.” In an interview with RBC, he noted that various possibilities are being considered for developing the project portfolio and applying the skills of project management of NIPIGAZ.
In September, it became known that the Irkutsk Oil Company decided on a contractor for a polymer plant project in Ust-Kut. The agreement was signed with Japanese Toyo Engineering. Subsequently, the INK clarified that the document, signed by the signatures, contained the intention of the parties to sign a comprehensive engineering and procurement contract for the first unit of the polyolefin production plant within two months: an ethylene production plant from ethane produced at the INK fields.
In June 2014, the company received a permit for the construction of polymer production. At the final stage there is a project to increase gas processing.

Irkutsk Oil Company is engaged in geological study, exploration and production of hydrocarbon raw materials in Eastern Siberia. Since 2011, the company has been implementing a gas program, under which the construction of facilities related to the preparation, processing and compression of gas, as well as infrastructure development, ensures the shipment of propane, butane and stable gas condensate to customers.

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