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Chinese fund gains stake in Russian petrochemicals

Chinese fund gains stake in Russian petrochemicals

A Chinese fund has acquired a 10 per cent stake in SIBUR, Russia’s largest gas processing and petrochemicals group.

Firms: Herbert Smith Freehills (Silk Road Fund); Cleary, Ivanyan & Partners (SIBUR Holding)

Deal: China's Silk Road Fund (SRF) has acquired a 10 per cent stake in SIBUR Holding (SIBUR).

Value: Undisclosed

Area: M&A, finance

Key players: The HSF team advising SFR was led by partners Danila Logofet, Monica Sun, Hilary Lau and Oleg Konnov.

JPMorgan acted as the financial adviser for the transaction.

Deal significance:

The chairman of SIBUR, Leonid Mikhelson, has sold a 10 per cent stake of the Russian petrochemical company to China’s SRF.

According to HSF partner Danila Logofet, who advised the fund on the transaction, the deal marks further energy sector cooperation between China and Russia.

“The tireless work between our Russian, Tokyo and Chinese offices on this deal demonstrated the excellent connections between our very own ‘Silk Road’ network of lawyers.

“This familiarity and understanding allows us to quickly provide any client working in these investment corridors with the very latest advice from a well-established team,” Ms Logofet said.

HSF has advised on a number of similar transactions, including an investment in Russian gas sector by Beijing Gas Group and China Exim Bank on the financing of a hydroelectric plant in Cambodia.

The firm released a statement which said it had an “outstanding track record” advising on ‘One Belt, One Road’ transactions in the Greater China, Russia and other regions. HSF relies on its partnership with colleagues across its 26-office network to service the deals.

“We were delighted to act again for Silk Road Fund on this transaction, which further fosters Chinese-Russian cooperation in the energy sector,” Ms Logofet said.

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Chinese fund gains stake in Russian petrochemicals
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