Sibur Sinopec plan two joint ventures

Sibur and Sinopec plan two joint ventures

2:19 AM, 12th October 2011
Sibur and Sinopec plan two joint ventures
Dmitry Konov, CEO, Sibur.

BEIJING, CHINA: Within the framework of a working visit to China by Prime Minister, Vladimir Putin of the Russian Federation, China Petroleum and Chemical Corporation (Sinopec) and Russia’s leading petrochemical holding company Sibur have entered into a memorandum of extended co operation on the possible formation of two joint ventures for the production of butadiene nitrile rubber (NBR) in Krasnoyarsk (Russia) and Shanghai (China).

Both companies are also considering co-operating in the area of polyisopren rubber (IR) and other areas, including the petrochemical feedstock supply and the supply of unconventional sources of feedstock to Russia and China. In addition they have agreed to hold talks about co-operation opportunities in upstream and downstream.

If joint ventures are formed, Sibur will provide polymerization and finishing technology for two of them. The existing NBR assets of the Krasnoyarsk rubber plant in Russia will be expanded to 56,000 tonne per year and the Shanghai facility will have a production capacity of approximately 50,000 tonne per year.

The two joint ventures will strengthen friendly relationship between Sinopec and Sibur, a step to service China’s rapidly growing manufacturing sector for Chinese fast increasing market demands, commented Sinopec.

“Sibur has advanced technologies for production of synthetic rubber, which in partnership with Sinopec will serve growing needs of the Chinese industry. We are satisfied with the dynamics of negotiation and hope to make a deal,” said Dmitry Konov, CEO, Sibur.

(C) WOC News




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