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Sinopec Acquires Interest in SIBURís Krasnoyarsk Plant

Source: www.gulfoilandgas.com 10/31/2012, Location: Asia

SIBUR, a Russian gas processing and petrochemicals company, and Sinopec International (Hong Kong) Co. Ltd, the wholly owned subsidiary of China Petroleum & Chemical Corporation (Sinopec), signed an agreement that will see Sinopec purchase 25% + 1 share of Krasnoyarsk Synthetic Rubbers Plant JSC (KSRP). The agreement was signed in presence of SIBURís CEO Dmitry Konov and President of China Petrochemical Corporation and China Petroleum & Chemical Corporation Wang Tianpu. The deal is to be approved by Russian and Chinese regulators.

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 joint venture is established, the shareholders will also consider the possibility of increasing the plantís annual NBR capacity from 42.5 to 56 thousand tonnes.

SIBUR and Sinopec are also discussing projects on setting up a joint venture to produce nitrile and polyisoprene rubbers in Shanghai. Future operationsí annual capacity for each type of rubber is currently estimated at the level of 50 thousand tonnes, to be determined more precisely once the feasibility study is completed.

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