Sinopec and SIBUR set up strategic cooperation
ERJ staff report (TP)
Shanghai, China – Witnessed by Chinese President Xi Jinping and Russian President Vladimir Putin, China Petrochemical Corporation (Sinopec Group) and SIBUR entered into a strategic cooperation agreement yesterday (20 May) during a state visit by President Putin to China.
As part of the cooperation, the parties will discuss potential expansion of trading operations and look into collaboration opportunities in gas processing and petrochemicals projects.
The parties believe their strategic partnership will further strength their leading market positions through sharing of joint expertise and resources.
Sinopec said: “This partnership will help diversify and secure Sinopec's long-term sourcing of petrochemical products and expand Sinopec's overseas footprint, facilitating strategic collaboration and continual exchange of expertise”.
SIBUR commented: “The partnership between SIBUR and Sinopec, a global chemical industry leader, will enable SIBUR to maximise the efficiency of new large-scale projects, expand its competencies and distribution markets, and support the Russian petrochemical industry in achieving a new level”.
The parties will engage in further discussions to determine the details of the strategic cooperation.