ERJ staff report (DS)
Moscow - Sinopec is planning to take a 25 percent stake in Sibur's Krasnoyarsk plant which makes nitrile rubber (NBR). The prospective joint venture company expects to expand the facility to 56 kt/year, from the current figure of 42 kt/year.
The two companies said the plans are likely to be finalised and a final decision taken on the JV by the end of 2012.
Dmitry Konov, CEO of Russian petrochemical holding company SIBUR, and Wang Tianpu, President of ChinaPetrochemical Corporation (Sinopec Group), on Saturday (28 April, 2012) signed a cooperation agreement during the Russian-Chinese Forum on commercial investment cooperation.
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.
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Press release from Sibur