MOSCOW, October 31 (RIA Novosti) - Sibur Holding, a leading Russian petrochemical producer, said Tuesday its net profit, calculated to Russian Accounting Standards, increased 54%, year-on-year, in the first nine months of 2006, to 13.96 billion rubles (about $517 million).
Sibur Holding, a subsidiary of Russian energy giant Gazprom, said gross profit grew 38% in the reporting period, to 17.92 billion rubles (about $663.7 million), and sales were up 16.4%, to 87.69 billion rubles (about $3.2 billion).
Sibur Holding was established in December 2005 after Gazprom announced it would reorganize the Sibur joint stock company into a new entity, Sibur Holding, as the final step in "the reorganization of the petrochemical business."
Gazprom purchased 25% plus one share in the Sibur holding company, and its financial arm Gazprombank bought 75% minus 1 share, giving the energy giant 100% ownership.
