Page 10 - FSUOGM Week 18 2021

FSUOGM PERFORMANCE FSUOGM

The Arctic LNG-2 project has signed a loan commented.
agreement with Russian banks (Sberbank, Gaz- “This acquisition also underlines that the
prombank, VEB.RF and Otkritie) for a 15-year company has the full support of the Russian
credit line facility for a total amount of €3.11bn. government at the highest of levels,” BCS GM
Meanwhile, Russian President Vladimir analysts note.
Putin approved Novatek’s request to acquire two BCS GM recalled that Novatek was also ask-
gas fields on the Yamal Peninsula, Neytinskoye ing for the Tambey Cluster of fields just north
and Arkticheskoye, with reserves of 350bn cubic of Yamal LNG, which are currently owned by
metres of gas, as reported by Interfax. Gazprom and contain some 7.3 tcm of estimated
“The fields might be used to expand the reserves.
resource base of Obsky LNG project, support “This we think is unlikely to happen, but is
Yamal LNG’s volumes and allow the company within the realm of possibility, and would be of
to allocate part of the produced LNG to the far more importance than this particular licence
gasification of the Kamchatka region,” VTBC gain,” BCS GM analysts argued. ™

SIBUR doubles EBITDA to $1bn in Q1-2021

RUSSIA’S largest integrated petrochemicals
company SIBUR posted RUB173bn ($2.32bn)
in revenues in Q1-2021 under IFRS, up by 44%
year on year, with EBITDA almost doubling year
on year to RUB74bn ($991mn) and adjusted net
profit of RUB45bn ($603mn) up by 42% year on with polypropylene sales up by 10.3% to 320,000
year and 84% quarter on quarter. tonnes and polyethylene sales having increased
SIBUR reported IFRS net profit of RUB93bn by 11% to 430,000 tonnes. Sales of plastics and
($1.3bn) in 2020, flat year on year, with revenues organic synthesis products remained almost flat
inching up by 1.6% year on year to RUB523bn at 0.2mn tonnes. Sales of elastomers remained
($700mn), and EBITDA up by 5.4% to unchanged from the previous quarter at 110,000
RUB179bn ($240mn), making a 34.3% margin. tonnes.
In the reporting quarter, SIBUR’s net debt SIBUR is the leader of the Russian petro-
decreased by 12.5% compared to the end of chemical industry and one of the largest com-
December 2020, with net debt to EBITDA ratio panies globally in this sector.
in rubles down from 2.3х to 1.6х. It has more than 26,000 employees, and its
The results in Q1-2021 were supported by a unique vertically integrated business model
favourable market environment amid the partial allows it to create highly competitive products
lifting of lockdown restrictions and the gradual consumed in the chemical, fast moving con-
recovery of the global economy, as well as higher sumer goods (FMCG), automotive, construc-
prices, CFO Peter O’Brien commented in the tion, energy and other industries in 80 countries
press release. worldwide.
The increase in prices was also driven by a The key shareholder is Leonid Mikhelson
temporary supply/demand mismatch resulting (48.5%), who is also one of the key beneficiar-
from the shutdown of a number of US facili- ies of Novatek, Russia’s largest independent gas
ties amid heavy snowstorms in the two biggest producer. Gennady Timchenko controls 17.0%
oil-refining states, he added. of SIBUR’s equity; Sinopec and The Silk Road
SIBUR increased sales of most of its petro- Fund each own 10%. Mikhelson recently sold a
chemical products compared with Q4-2020, 12.5% stake in the company. ™

Naftogaz says EBITDA fell by 25% in 2020

UKRAINE’S Naftogaz increased total revenue segments showed a decline in sales. After this
27% year on year to UAH193.0bn ($6.94bn) in report Ukraine’s government dismissed the
2020, according to its annual accounts released head of the company, Andriy Kobolev.
on April 27. The company’s adjusted EBITDA was down
The company’s revenue from sales of goods 25% year on year to UAH23.4bn ($842mn) in
and services increased 6% year on year to 2020 as its key segment, E&P, saw EBITDA drop
UAH159.2bn ($5.73bn), while most of its core 36% to UAH28.0bn ($1.01bn).

P10 www. NEWSBASE .com Week 18 05•May•2021