Written on 05.11.2012 - Industry
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Sinopec to acquire an interest in Sibur

Russian gas processing and petrochemicals company Sibur and Sinopec International, the wholly owned subsidiary of China Petroleum & Chemical Corporation (Sinopec), have signed an agreement that will see Sinopec potentially purchase 25% + 1 share of Krasnoyarsk Synthetic Rubbers Plant JSC (KSRP). The deal is to be approved by Russian and Chinese regulators. This was announced in a statement issued by Sibur on 31 October.

Earlier the parties signed an agreement on cooperation to create a joint venture, which will produce nitrile rubbers (NBR on the base of KSRP. Once the JV is established, the shareholders will also consider the possibility of increasing the plant’s annual NBR capacity from 42,500 to 56,000 t.

Both companies said that they are also discussing projects on setting up a JV to produce nitrile and polyisoprene rubbers in Shanghai. Future operations’ annual capacity for each type of rubber is currently estimated at the level of 50.000 t, to be determined more precisely once the feasibility study is completed.

The initial cooperation agreement was already signed during the Russian-Chinese Forum on commercial investment cooperation in April 2012 by Dmitry Konov, CEO of Sibur, and Wang Tianpu, President of ChinaPetrochemical Corporation (Sinopec Group).