Sinopec to acquire an interest in Sibur's Krasnoyarsk plant

ERJ staff report (LMH)

Beijing - Russian petrochemicals company Sibur and Sinopec International (Hong Kong) Co. Ltd, the wholly owned subsidiary of China Petroleum & Chemical Corp. (Sinopec), have signed an agreement that will see Sinopec purchase 25 percent + 1 share of Krasnoyarsk Synthetic Rubbers Plant JSC (KSRP) in Russia.

The agreement was signed in presence of Sibur's CEO Dmitry Konov and Sinopec president of Wang Tianpu. The deal is to be approved by Russian and Chinese regulators.

In April 2012, the two parties signed an agreement on cooperation to create a joint venture, which will produce nitrile rubbers (NBR) at KSRP. Once the joint venture is established, the shareholders will also consider the possibility of increasing the plant's annual NBR capacity from 42.5 to 56 kilotonnes.

Sibur and Sinopec are also discussing projects on setting up a joint venture to produce nitrile and polyisoprene rubbers in Shanghai. Future operations' annual capacity for each type of rubber is currently estimated at the level of 50 kilotonnes, to be determined more precisely once the feasibility study is completed.

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News release from Sibur