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SIBUR and Sinopec sign Term Sheet on potential JV at Amur Gas Chemical Complex

June 07/2019

MOSCOW (MRC) -- SIBUR Holding and China Petroleum & Chemical Corporation (Sinopec) signed a Term Sheet for a potential joint venture (JV) that could be based at Amur Gas Chemical Complex (AGCC), said the producer on its site.

The signing ceremony was witnessed by Xi Jinping, President of the People's Republic of China, and Vladimir Putin, President of the Russian Federation. Subject to SIBUR's final investment decision, Sinopec is expected to have a 40% share in the JV.

The partnership will allow the parties to tap into shared expertise and experience to maximise efficiency of new large-scale projects and to exchange best practices, said Dmitry Konov, Chairman of the Management Board at SIBUR Holding.

"The AGCC is another profound and pragmatic cooperation since Sinopec becoming a strategic investor in SIBUR Holding. Through joint effort of both parties, sharing of best industry practices, and further exploiting advantages and synergies of the two companies, we expect build to the project successfully and make it a model for the extension of the bilateral energy cooperation from upstream to the petrochemical sector." Said Dai Houliang, Chairman of Sinopec.

As MRC reported earlier, in May 2015, Sibur signed a contract with Sinopec to establish a joint venture for the construction of a 50,000 tpa butadiene nitrile rubber (or "NBR") plant at the Shanghai Chemical Industry Park, 50km south of Shanghai.

SIBUR is a uniquely positioned vertically integrated gas processing and petrochemicals company. We own and operate Russias largest gas processing business in terms of associated petroleum gas processing volumes and are a leader in the Russian petrochemicals industry. As of 31 March 2014, SIBUR operated 27 production sites located all over Russia, had over 1,400 large customers engaged in the energy, chemical, fast moving consumer goods (FMCG), automotive, construction and other industries in approximately 70 countries worldwide and employed over 27,000 personnel.

Sinopec Corp. is one of the largest scale integrated energy and chemical company with upstream, midstream and downstream operations. Its principal business includes: exploring, developing, producing and trading crude oil and natural gas; producing, storing, transporting and distributing and marketing petroleum products, petrochemical products, synthetic fiber, fertilizer and other chemical products. Its refining capacity and ethylene capacity rank No.2 and No.4 globally. Sinopec listed in Hong Kong, New York, London and Shanghai in August 2001. Sinopec Group, the parent company of Sinopec Corp., is ranked the 5th in Fortune Global 500 in 2012.
Author:Margaret Volkova
Tags:PP, PE, propylene, ethylene, natural rubber, Sibur Holding, Sinopec, China, Russia.
Category:General News
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