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SIBUR is a uniquely positioned gas processing and petrochemicals company with a business model focused on the integrated operation of its two core segments. SIBUR owns and operates Russia’s largest gas processing business in terms of associated petroleum gas processing volumes, according to IHS CERA and is a leader in the Russian petrochemicals industry. The Group has two operating and reportable segments: (1) feedstock and energy and (2) petrochemicals. The Group’s feedstock and energy segment comprises (i) gathering and processing of associated petroleum gas (APG) that the Group purchases from major Russian oil companies, (ii) transportation, fractionation and other processing of natural gas liquids (NGLs) that the Group produces internally or purchases from major Russian oil and gas companies, and (iii) marketing and sales of energy products, such as natural gas, liquefied petroleum gases (LPG), naphtha, raw NGL, methyl tertiary butyl ether (MTBE) and other fuels and fuel additives. The Group sells these energy products on the Russian and international markets and uses some of them as feedstock for its petrochemicals segment, which processes them into various petrochemicals, including basic polymers, synthetic rubbers, plastics and products of organic synthesis, as well as intermediates and other chemicals. As of 30 September 2012, the Group operated 27 production sites, had over 1,500 large customers operating in the energy, automotive, construction, fast moving consumer goods (FMCG), chemical and other industries in approximately 60 countries and employed over 30,000 personnel.
The Group benefits from owning and operating Russia’s largest and most extensive integrated infrastructure for processing and transportation of APG and NGLs, located primarily in Western Siberia, which is the largest oil and gas producing region in Russia and where the Group sources most of its feedstock. This infrastructure includes seven out of the nine existing gas processing plants (GPPs) in Western Siberia, five compressor stations, and three gas fractionation units (GFUs). As of 31 December 2011, the Group had APG processing capacity of 22 billion(1) cubic metres per annum and raw NGL fractionation capacity of 5.2 million tons per annum. The Group’s transportation infrastructure comprises 1,168 kilometres of raw NGL pipelines and 352 kilometres of natural gas pipelines as well as substantial railway transportation facilities, including six railway loading racks and rolling stock of over 17,500 rail cars and tank wagons under management. The Group’s GPPs also have direct links to the production facilities of major oil companies operating in Western Siberia through a network of APG transportation pipelines, a large part of which is owned by the oil companies, while SIBUR owns 913 kilometres of these pipelines. The Group’s infrastructure for processing and transportation of APG and NGLs provides it with advantageous access to feedstock.
In its petrochemicals business, the Group operates three steam cracker facilities, one basic polymers production plant, manufacturing low density polyethylene (LDPE) and polypropylene (PP), three synthetic rubbers production plants, manufacturing commodity and specialty rubbers as well as thermoplastic elastomers, and 14 production plants manufacturing a wide range of intermediate chemicals, plastics and organic synthesis products, including polyethylene terephthalate, glycols, alcohols, BOPP-films, expandable polystyrene, acrylates and plastic compounds. As of 31 December 2011, the Group’s basic polymers production capacity was 460,000 tons per annum(2), synthetic rubbers production capacity was 601,900 tons per annum and plastics and products of organic synthesis production capacity was 816,900 tons per annum(3).
In the nine months ended 30 September 2012, the Group’s revenue was RR 198,957 million, the Group’s EBITDA was RR 60,240 million, and the Group’s EBITDA margin was 30.3%. In 2011, the Group’s revenue was RR 248,660 million, the Group’s EBITDA was RR 86,669 million, and the Group’s EBITDA margin was 34.9%.
(1) Including 100% of processing capacity of GPPs which are controlled by OOO Yugragazpererabotka, the Group’s joint venture with TNK-BP.
(2) Including 100% of processing capacity of NPP Neftekhimia, the Group’s joint venture with the Gazprom Neft Group.
(3) Excluding production capacity of the intermediates and other chemicals product group to avoid double counting.