Russia's Sibur Completely Switched To Settlements In Yuan In 2022 - Manager

MOSCOW (UrduPoint News / Sputnik - 31st May, 2023) Russia's petrochemicals corporation Sibur completely switched to Yuan in transactions with China in 2022 and started trading in national currencies with some other countries, Pavel Lyakhovich, the head of Sibur's Plastics and Organic Synthesis Products Division, told Sputnik.

"We trade in dong with Vietnam, in China (we) switched completely to yuan last year. We trade in lira in Turkey. And we will also try other exotic currencies," he said.

Lyakhovich also noted that the company is interested in polymers business in North and partly West Africa in terms of logistics, but not in East Africa, since Saudi Arabian producers of polymers are closer to this part of the continent and it is hard to compete against them there.

Meanwhile, Sibur has started selling "a little bit" of polymer plastics in Bangladesh, Myanmar, Indonesia and Malaysia, however, the costs of transportation are often unpredictable at the moment, but the company hopes the longer it stays on the market, the easier it will be to solve this problem, the manager said.

Additionally, Lyakhovich said that India can become one of the target markets after Sibur launches its Amur Gas Chemical Complex. Relatively small supplies have already been sent there, he added, and the first vessel with company's products sailed to India in February.

In September, Sibur's CEO Mikhail Karisalov said that the company was working to start settlements with Vietnam in dong. He also noted that yuan was a major Currency in settlements with Chinese suppliers and consumers.

Sibur is Russia's largest petrochemicals company which processes by-products of oil and gas production into plastics, rubbers and other synthetic materials. Its products are used in consumer goods, cars, construction, energy, as well as in the chemical and other industries.