Sibur to acquire a majority stake in a majority stake in the petrochemical unit of Taif.

Sibur, a petrochemicals company, agreed to acquire a majority stake in the petrochemical unit of Taif, an oil and gas refiner. Financial terms were not disclosed. “Creating a larger and more diversified company is timely as the global competition is harsh and will get harsher. Synergy is a big part of this deal. We are combining gas and oil. Gas is more expensive, oil is cheaper. Adding new feedstock to our portfolio is strategically right. It makes a better quality company with various resource flows. It offers greater opportunities,” Dmitry Konov, Sibur CEO.