CITCO Waren-Handelsgesellschaft m.b.H trading company has changed its name to SIBUR International GmbH. The company’s director, Victor Viehweg has been replaced by SIBUR’s Vice President for Corporate Governance and Development, Mikhail Mikhailov. The company’s new Executive Director is Ilya Gustchin, who previously held the post of Deputy Manager for Economics and Finance of the Plastics and Organic Synthesis Division.
SIBUR purchased a 100% stake in CITCO, a major liquefied petroleum gas trading company, in 2009 to expand its European marketing opportunities. The trading company has been renamed to facilitate further integration into the SIBUR system.
SIBUR International GmbH continues as SIBUR’s exports division responsible for supplying the holding company’s products to Europe and Asia. The company has storage facilities in Black and Baltic Sea ports which it uses to receive, hold and unload products.
Pursuant to Austrian law, changing a legal entity’s name does not affect its obligations. SIBUR International GmbH remains committed to discharging all obligations under contracts executed prior to state registration of the new name, and also obligations in respect of the assets and rights previously held by CITCO Waren-Handelsgesellschaft m.b.H.