Solvay close to exit from Russian joint venture Rusvinyl

Chemical company Solvay is in "advanced negotiations" about an exit from the Rusvinyl joint venture, which has a large PVC plant in Russia. The intention is for its partner, the Russian petrochemical company Sibur, to take full ownership of Rusvinyl. Solvay confirmed this to Belga on Monday.

Solvay suspended its operations in Russia in March last year, shortly after the Russian invasion of Ukraine. Russian operations represent less than 1 per cent of group sales, it sounded then, with a commercial division and a 50 per cent stake in the Rusvinyl joint venture. As for Rusvinyl, the company's dividend payments and investments were also suspended.

Bloomberg wrote on Monday that Russian President Vladimir Putin authorised Sibur to buy out its partner in the joint venture. Solvay "confirms that it is in advanced negotiations to divest its stake in Rusvinyl to its joint venture partner," the Belgian company responded to Belga. It added that the "potential transaction" had indeed recently received prior approval from the Russian authorities, but also that several other approvals were still required. "Solvay will keep the markets informed if and when appropriate."

^{© BELGA PHOTO LAURIE DIEFFEMBACQ}