EU approves JV between SolVin, BASF and Sibur

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The European Union said on Monday it had cleared the joint venture between SolVin, owned by the Solvay Group, BASF, and the Russian energy giant Gazprom's Sibur.
BRUSSELS, May 19 (RIA Novosti) - The European Union said on Monday it had cleared the joint venture between SolVin, owned by the Solvay Group, BASF, and the Russian energy giant Gazprom's Sibur.

Solvay Group, which owns 75% of SolVin, employs more than 28,000 people and had around $15 billion of sales in 2007. SolVin is mainly specialized in PVC (polyvinyl chloride) and PVDC (polyvinylidene chloride) production. The remainder of SolVin is owned by BASF, a major chemical company with $90 billion of sales in 2007 and about 95,000 employees.

The venture, called RusVinyl, with 650 million Euro of scheduled investment, will be a PVC production complex to be built in the Nizhny Novgorod Region, in central European Russia.

The EU's European Commision said the transaction was reviewed based on 'simplified' merger procedures which the commission believes do not create competition concerns.

Dmitry Konov, Sibur's president, said earlier that the JV products would constitute around 30% of the Russian market. The plant, which is expected to produce around 330 tons of PVC annually, is scheduled for construction by the third quarter of 2010.

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