AlwaysFree: Abu Dhabi’s Mubadala Acquires Stake In Russia’s SIBUR

Abu Dhabi’s sovereign wealth fund Mubadala Investment Company has acquired a 1.9% stake in Russian petrochemical giant SIBUR for an undisclosed amount of money. The acquisition terms were agreed before SIBUR merged its petrochemical assets with domestic rival Taif. Mubadala and SIBUR had established a working relationship since 2015 when Mubadala invested in SIBUR’s transhipment terminal in Ust-Luga. Mubadala began investing in Russia in 2010 and has spent more than $3 billion in the country’s banking, infrastructure, real estate, commodities, logistics, and technology sectors. The deal expands Mubadala’s investment portfolio in global chemical companies. It fully owns Canadian petrochemical maker Nova Chemicals. It also holds a 25% stake in Austrian chemical firm Borealis.