The petrochemicals arm of Russian energy giant Gazprom posted a net profit to Russian Accounting Standards of $204 million for 2005, down 21.6% year on year.
The decision not to pay a dividend was made at an annual shareholders' meeting. Most of the remaining net profit will be used to pay off company debt, the statement said.
Shareholders also approved a contract of surety agreement to open a credit facility with ABN AMRO Bank and Citibank.
In February 2005, Gazprom announced it would reorganize Sibur into a new entity, Sibur Holding, as the final step in "reorganization of the petrochemical business." The transition was completed last year.
Sibur Holding is a vertically integrated company that controls the country's entire gas-processing and gas-chemical industry. It produces more than 100 petrochemical products.
