Russian State to Control Sibur Plants

Russian tyre manufacturer Sibur is to become state-owned company. After a long period of confusion about a possible merger between the gas monopolist Gazprom (that owns almost 100 per cent of Sibur’s shares) with the state-owned oil company Rosneft, the Russian government now has decided to take over the majority of Gazprom’s shares itself, according to Russian media reports. Currently the Russian government owns about 38 per cent of Gazprom but will increase this share up to more than 50 per cent by the end of June, when Gazprom’s annual shareholder meeting takes place. Sibur operates four tyre factories in Russia where it produced more than 15 million tyres in 2004.