SIBUR and Sinopec sign cooperation agreement |
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(sibur) -- Dmitry Konov, CEO of Russian petrochemical
holding company SIBUR, and Wang Tianpu, President of ChinaPetrochemical
Corporation (Sinopec Group), today signed a cooperation agreement during the
Russian-Chinese Forum on commercial investment cooperation.
The signing
of the agreement was witnessed by Igor Shuvalov, First Deputy Prime Minister of
the Russian Federation, and Li Keqiang, the VicePremier of the State Council of
the People's Republic of China.
The agreement forms the basis for the
creation of a joint venture (JV) for the production of butadiene nitrile rubber
in Krasnoyarsk (Russia).
Sinopec plans to acquire 25% plus 1 share in
the Krasnoyarsk rubber plant. The companies will consider expanding the plant’s
current production capacity from 42,000 tonnes to 56,000 tonnes per
year.
The cooperation agreement describes the mechanism for the financing
of the JV, as well as arrangements relating to share capital, management, raw
material supply and marketing. A final decision on the establishment of the JV
is expected by the end of 2012. |
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