Ex-Moscow Mayor Plans to Develop Petrochemical Company, RBC Says

Former Moscow city mayor Yury Luzhkov wants to build OAO United Petrochemical Co., created by billionaire Vladimir Evtushenkov’s OAO Bashneft and former Sibur Holding head Yakov Goldovsky, into Europe’s largest petrochemical firm, RBC Daily said, citing several unidentified persons familiar with the matter.

Luzhkov may be elected chairman of the company, whose shareholders meeting is scheduled for June 26. He may get a stake in United Petrochemical provided there are at least $5 billion of investments from shareholders in the company development plan he designed, the newspaper said.

To contact the reporter on this story: Marina Sysoyeva in Moscow at msysoyeva@bloomberg.net

To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net