MOSCOW (MRC) -- SIBUR, Russia’s largest integrated petrochemicals company and a leader in sustainable development, has approved its Policy on Circular Economy and Climate Impact Mitigation at the meeting of its Board of Directors, said the company.
The Policy sets out the main principles, strategic goals and objectives of SIBUR in these areas and outlines the key activities at each stage of product life cycle to achieve the above objectives. The petrochemical industry is well positioned to develop circular economy due to the unique properties of polymers, including recyclability and reusability. This enables reducing the use of primary feedstock and cutting greenhouse gas emissions, while the development and improvement of polymer waste recycling helps build on these effects.
The Policy spans such business areas as risk management and strategic goal setting, supplier and customer relations, R&D and investment planning, operational efficiency and contribution to regulatory environment. SIBUR realises that achieving global tasks is only possible through awareness and joint efforts of a wide range of stakeholders. Therefore, the Policy focuses, in particular, on building partnerships as well as sharing experience and educational initiatives in environmental awareness and responsible consumption.
By approving and implementing the Policy, the Company also declares its commitment to the UN Sustainable Development Goals, the UN Global Compact, circular economy principles, the goals of the Paris Agreement, and Russia' Long-term Development Strategy with Low Greenhouse Gas Emissions to 2050. The progress in implementing the Policy will be the subject of regular discussions at meetings of the Company’s Board of Directors and its Sustainable Development Committee.
On April 23, SIBUR and theTAIF Group announced plans to merge their petrochemical businesses. As a result of the transaction, a merged company will be created on the basis of SIBUR, in which the existing shareholders of the Taif group will receive a 15% stake in exchange for the transfer of a controlling stake in the group, which consists of petrochemical and energy enterprises. The remaining stake in Taif may subsequently be bought out by the combined company. After the completion of all ongoing investment projects, the combined company will enter the top 5 world leaders in the production of polyolefins and rubbers.
Earlier it was reported that SIBUR increased sales of polypropylene and polyethylene last year amid growing utilization of the ZapSibNeftekhim complex. This led to an increase in the company's revenue in the olefins and polyolefins segment by 77.1% to Rb187.3 bn. This growth was mainly due to an increase in sales of polypropylene and polyethylene as a result of increased utilization of the ZapSibNeftekhim complex and was partially offset by a decrease in prices for these types of products.
SIBUR is the largest vertically integrated gas processing and petrochemical company in Russia, uniting a number of production sites in various regions of the Russian Federation. The company sells products to consumers in the fuel and energy complex, automotive, construction, consumer goods, chemical and other industries in more than 80 countries around the world.
MRC