At the end of February - at the beginning of March 2003, the Executive Board of Russia's gas giant Gazprom will discuss an increase in its stake in the Siberian Ural Oil and Gas Petrochemical Company (SIBUR) from 51 to 85 percent, the petrochemical holding reported to RBC. On February 12, SIBUR's Board of Directors adopted the decision to convert its debt to Gazprom, in shares. Eventually, Gazprom will be owner of 85 percent in SIBUR against the current 51-percent stake.
The current volume of SIBUR's debt to Gazprom amounts to RUR31.6bn (about $998.25m). According to the 2003-2010 business plan, adopted at yesterday's meeting of SIBUR's Board of Directors, the petrochemical company is to pay to Gazprom RUR49.2bn (about $1.55bn), interest on the debt and dividends taken into account.