Sinopec acquire 25 per cent stake in Sibur

Sinopec to acquire 25 per cent stake in Sibur

11:01 AM, 2nd November 2012
Sinopec to acquire 25 per cent stake in Sibur

BEIJING, CHINA: Sinopec International (Hong Kong) Co Ltd, a subsidiary of Sinopec, has agreed to acquire a 25 per cent stake in Russian petrochemical company Sibur’s rubber plant in the Russian city of Krasnoyarsk. The additional share will give Sinopec International (Hong Kong), a right to veto in corporate business such as increases of corporate assets and changes of corporate executives.

Named as Krasnoyarsk Synthetic Rubber Plant, the plant is able to produce 42,500 tonne of nitrile rubber each year. Both parties are considering the possibility of increasing the production capacity of nitrile rubber to 56,000 tonne each year upon establishment of the joint venture. The deal is still subject to the approval of the Chinese and Russian governments.

The two firms are also in talks to set up a joint venture to produce nitrile as well as polyisoprene rubber in Shanghai. The two sides predicted the output of each material could reach 50,000 tonne annually.

© Xinhua News



Your Comments (Up to 2000 characters)
Please respect our community and the integrity of its participants. WOC reserves the right to moderate and approve your comment.

Related News

Bunge joins Cobalt as strategic investor

MOUNTAIN VIEW, US: Cobalt Technologies, a leading developer of next generation bio-based chemicals, announced that Bunge Global Innovation LLC, a whol ...

Read more
Novozymes develops enzymatic solution for laundry in China

BAGSVAERD, DENMARK/BEIJING, CHINA: Novozymes has developed an enzymatic solution to meet the uniquely Chinese challenge of concerns about environmenta ...

Read more
Potash Corp in talks to acquire Israel Chemicals

SASKATOON, CANADA/TEL AVIV, ISRAEL: Potash Corp, the world’s No 1 fertiliser producer, confirmed on 31 October 2012 that it has been in talks wi ...

Read more
Tosoh invests $63 million to double vinyl chloride capacity

TOKYO, JAPAN: Tosoh Corp has decided to increase capacity at its No 3 vinyl chloride monomer unit at Nankai plant by 50 per cent to 600,000 tonne per ...

Read more
Perstorp appoints Fabrice Fouletier as Chairman

PERSTORP, SWEDEN: Lennart Holm, Chairman of the Board, Perstorp, has decided to leave the company. He will be replaced by Fabrice Fouletier, PAI partn ...

Read more
Chemical companies resume operations after Sandy storm

NEW YORK/CHICAGO, US: After Hurricane Sandy bashed the East Coast with wind, flooding and a blizzard, companies scrambled to assess the damage. Chemic ...

Read more uses cookies to ensure that we give you the best experience on our website. By using this site, you agree to our Privacy Policy and our Terms of Use. X