Save for later Print Download Share LinkedIn Twitter Leonid Mikhelson last week sold another 6.25% in petrochemicals giant Sibur to insurance group Sogaz, which now holds 12.5% in the company as a result (NC Mar.25'21). In late March, Mikhelson also sold 6.25% in Sibur to Sogaz, reducing his direct and indirect stake to 42.23%. Now his stake decreased further to 35.98%. Mikhelson is also a key shareholder and CEO of Novatek, Russia’s LNG export champion. It is not clear why Mikhelson decided to sell Sibur shares and how much he raised through the sale. Sogaz is affiliated with the Rossiya Bank, which is understood to be close to President Vladimir Putin. Putin’s close ally Gennady Timchenko is Mikhelson’s long-term partner and has 17% in Sibur, as well as some 23% in Novatek. Other Sibur shareholders are the company’s current and former management with 14.5% and China’s Sinopec and Silk Road Fund, each with 10% stakes.
