Gazprombank sales the industrial gases business to Sinara Group
The clients of CryoGaz LLC are the largest petrochemical and metallurgical companies. In 2020, Gazprombank management was one of the first, who assessed the market realities within the pandemic situation and licensed specialized production facilities as soon as possible, bringing the monthly volume of medical oxygen supplies to 8 thousand tons.
According to Yevgeniy Gritsenko, Vice President of Sinara Group, the acquisition of CryoGaz LLC will allow Sinara Group opening a new direction related to the development of promising gas technologies within the company ESG strategy. “This is the high-tech business aimed primarily at providing outsourcing services for metallurgical and chemical companies. Nowadays, the form of “on-site projects” has great prospects, when air separation equipment is installed directly on the territory of the customer company and is integrated into the production cycle. In addition, the existing capacities of CryoGaz LLC can produce gas for medical facilities, which is especially important in current conditions,” noted Yevgeniy Gritsenko.
Sinara Group — diversified company, joining the companies of various industrial directions. The priority business-directions are the transport engineering, development, financial services.
Gazprombank announces a deal with the Sinara Group for the sale of 99.9% of CryoGaz LLC, the operator of the technical gases business within the OMZ Group. The transaction amount is not disclosed, the full closing will take place in the first quarter of 2022.
“A lot of work has been done. The Bank actually stood at the origins of creation of the modern market for the production and sale of industrial gases in Russia. Using the best world methods and scientific competencies of PJSC Cryogenmash, we were able to develop CryoGaz to the level of one of the largest industrial gases suppliers in the country. In this context, I would like to note that this transaction with Sinara Group, which is the expected continuation of the bank's strategy implementation in terms of industrial assets, will ensure the confident continuation of the work we have done. The new business owner is strong industrial company, profile investor, will ensure the continuous and proper supplies of industrial and medical gases to consumers,” said Tigran Khachaturov, Deputy Chairman of the Board of Gazprombank.
Gazprombank is one of three leading companies of bank sector in Russia, concerning the main volume terms (according to INTERFAX-100. Banks of Russia, www.finmarket.ru/database/rankings/), and is amongst the largest financial institutions of Central and Eastern Europe.