SIBUR's acquisition of Citco Waren-Handelsgesellschaft
Arias, Fábrega & Fábrega acted as counsel to SIBUR, Russia's leading petrochemical company, in connection with its acquisition of Citco Waren-Handelsgesellschaft m.b.H., a leading international petrochemical trader and parent company of Westin Trading, S.A. a company organized and existing under the laws of Panama. SIBUR has received all relevant approvals for the acquisition from the European Commission's Competition Authorities and other antimonopoly authorities of European countries, non-members of EU.
CITCO was established in 2003 in Vienna, and it specializes in liquid gas, petrochemical products and fertilizers exported internationally from Russia and Eastern Europe by providing financing, transportation, handling and intermediate storage services.
As local counsel, the firm advised SIBUR on all aspects of Panamanian law with regards to the acquisition and of the Panamanian target, including competing cross-border legal and tax issues between various jurisdictions.
The acquisition will support the continued development of SIBUR's international sales, particularly into the European Union and Asia. It will also enhance SIBUR's LPG distribution platform for oil and gas companies, which will contribute to reduced petroleum gas flaring in line with Russian Government policy.
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