BEIJING (Oct. 31, 2012)—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 in Russia.
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 at KSRP. Once the joint venture is established, the shareholders will also consider the possibility of increasing the plant's annual NBR capacity from 42,500 to 56,000 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 50,000 tons, to be determined more precisely once the feasibility study is completed.