Sinopec or China Petroleum and Chemical Corp, the world’s largest refiner by volume, has entered into an agreement with Russian petrochemical company Sibur on the Amur Gas Chemical Complex (Amur GCC) in Moscow. Under the agreement, the company will hold a 40% stake in Amur GCC. The companies are also looking at a potential joint venture that could be based at Amur GCC.
“Through joint effort of both parties, sharing of best industry practices, and further exploiting advantages and synergies of the two companies, we expect to build 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.
“This partnership will enable both parties to develop common expertise and experience to maximize the efficiency of new large-scale projects,” said Dmitry Konov, Chairman of Sibur’s management board.
Sibur and Sinopec also signed a distribution agreement to supply PE resins to China from Sibur’s ZapSibNeftekhim site.
Other cooperation agreements set out the details of their strategic partnership in China, Russia, and other countries, which also covers joint projects. Under the deal, Sibur and Sinopec have agreed to join forces to process natural gas into petrochemicals in Russia and China, and to engage in R&D and personnel training cooperation to facilitate sharing of knowledge and expertise.