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China Petroleum & Chemical Corp Plans To Acquire Interest In SIBUR Holding OAO’s Krasnoyarsk Plant

Tuesday, 30 Oct 2012 08:00pm EDT 

SIBUR Holding OAO (SIBUR) announced that SIBUR and Sinopec International (Hong Kong) Co. Ltd, the wholly owned subsidiary of China Petroleum & Chemical Corp (Sinopec), signed an agreement that will see Sinopec purchase 25% + 1 share of Krasnoyarsk Synthetic Rubbers Plant JSC (KSRP). The agreement was signed in presence of SIBUR’s CEO Mr. Dmitry Konov and President of China Petrochemical Corporation and China Petroleum & Chemical Corporation Mr. Wang Tianpu. The deal is to be approved by Russian and Chinese regulators. Earlier the parties signed an agreement on cooperation to create a joint venture, which will produce nitrile rubbers (NBR) on the base of 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 thousand tons. 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 thousand tons, to be determined more precisely once the feasibility study is completed.