Tatneft divests Nizhnekamskneftekhim shareholding

Russia’s PJSC Tatneft has entered into an agreement to sell its shares in chemical and synthetic rubber manufacturer PJSC Nizhnekamskneftekhim to the Taif group of companies. The transaction, which will see 402,813,999 ordinary shares, is valued at approximately 32 billion roubles (£422.6 million).

Tatneft states that the transaction to sell its shares in Nizhnekamskneftekhim does not alter its plans to develop its petrochemical business, including by collaborating with Nizhnekamskneftekhim and other entities in Tatarstan.