Russian SIBUR acquires 60% stake in idle BOPP film plant from KMGNational oil and gas company KazMunayGas (KMG) has completed the sale of a 60% stake in dormant Polymer Production LLP to Russian petrochemical holding SIBUR."The sale of a 60% stake to SIBUR was driven by two key considerations: SIBUR serves as KMG's partner in the KPI polypropylene production project (the primary raw material supplier for Polymer Production), and possesses extensive expertise in manufacturing comparable BOPP film grades," KMG stated.The state-owned company confirmed the partnership will fast-track the plant's operational restart through "substantial investment.""The plant's restart is scheduled for Q3-Q4 2025. Current personnel are undergoing skills development through customized training at SIBUR's production sites," KMG added.KMG acquired 100% of Polymer Production in December 2023. At the time of purchase, the 10,000-tonne annual capacity BOPP film plant was idle, with all technological lines preserved. "Staff were placed on forced downtime with partial salary compensation. The company's losses amounted to 5.8 billion tenge. Since the acquisition, KMG began production recovery efforts while maintaining social obligations to employees," the statement clarified.KMG had fully acquired the 10,000-tonne annual capacity BOPP film facility in December 2023 when it was non-operational with mothballed production lines. "The workforce was maintained on reduced pay during the idling period. The company incurred 5.8 billion tenge in losses. Since the acquisition, KMG began production recovery efforts while honoring all employee benefits," the company detailed.KMG noted that BOPP film production falls outside its core business as the product serves primarily as a packaging material for the food industry."Therefore, we decided to engage an appropriate partner for proper plant rehabilitation. This will enable production launch, create permanent jobs for Kazakh citizens, establish uninterrupted domestic production compliant with international standards, diversify the product lineup, and promote value-added exports to foreign markets," KMG stated.KazMunayGas is Kazakhstan's national hydrocarbon exploration, production, processing, and transportation operator representing state interests in oil and gas sector.BOPP (biaxially-oriented polypropylene) film is a premium packaging material widely used for food products, consumer goods labeling, and industrial tapes. (ICE ALMATY)

Fonte notizia: INTERFAX