Sibur and Sinopec Link on Amur JV
Russian petrochemicals giant Sibur has signed several agreements with Chinese state-owned conglomerate China Petroleum & Chemical Corporation (Sinopec).
One deal relates to Sinopec’s potential participation in Sibur’s previously announced Amur Gas Chemicals Complex (AGCC) in Russia’s Far East.
Sinopec, Chinese oil and gas enterprise based in Beijing, which bought a 10% stake in Sibur in December 2015, is expected to take a 40% share in the joint venture, subject to a final investment decision in the project, expected in 2020.
“The partnership will allow the parties to tap into shared expertise and experience to maximise efficiency of new large-scale projects and to exchange best practices”, said Dmitry Konov, Chairman of the Management Board at Sibur Holding.
"The AGCC is another profound and pragmatic cooperation since Sinopec becoming a strategic investor in Sibur Holding. Through joint effort of both parties, sharing of best industry practices, and further exploiting advantages and synergies of the two companies, we expect build to the project successfully and make it a model for the extension of the bilateral energy cooperation from upstream to the petrochemical sector.” Said Dai Houliang, Chairman of Sinopec.