Belneftekhim to sell stakes in Naftan and Polymir

The Belneftekhim concern will submit the proposals on selling stakes in Naftan refinery and Polymir company to the government by the end of the year, deputy chairman of the Belneftekhim concern Mikhail Osipenko told reporters on May 20. According to him, Belneftekhim is considering selling the blocks of shares of these companies in package. “This year we will prepare Naftan and polymer for the merger and will offer them for investors as one single economic entity,” Mikhail Osipenko said. Two investors have already shown interest in acquiring the stakes in these companies. The shares are expected to be 50/50. The understanding with the potential investors in this issue has been reached. International companies will be invited to appraise Naftan and Polymir. In line with the programmes of development of the companies, Polymir needs $1.8 billion worth of investments, Naftan more than $600 million. Belneftekhim is also considering the proposal to invest in Mogilevkhimvolokno. “Anyway our goal is to choose the best investor as these are well-performing companies,” Mikhail Osipenko said.