3 September 2015
DETAILS
China Petrochemical Corporation (“Sinopec Group”),
a major global energy and chemicals company, and
a leading Russian gas processing
and petrochemicals company,
have entered into a framework investment agreement
during a state visit by Russia’s President Vladimir Putin
to China whereby Sinopec Group
is to acquire a stake in SIBUR.
The transaction represents an important step
for both parties to cement their existing strategic cooperation.
The parties believe that the transaction
will further strengthen the companies’ leading market positions
and the partnership between Russia and China.
The deal is expected to be closed upon approvals
by corporate governing bodies and regulators.
WANG YUPU
Chairman of China Petrochemical Corporation (Sinopec Group),
Secretary of the Party Committee of China Petrochemical Corporation.
“SIBUR’s vertically-integrated upstream and petrochemicals
business model is highly complementary
with Sinopec’s businesses.
This transaction is in-line with our objective to
strategically expand our petrochemical business overseas.
Our continued partnership will help diversify and
secure Sinopec's long-term sourcing of petrochemical products.
The partnership also represents the active implementation
of China’s “One Belt, One Road” policy, and
will help to strengthen the strategic relationship
between China and Russia.”
LEONID MIKHELSON
Sibur's Chairman of the Board of Directors
Non-Executive Director
“This transaction with Sinopec is a clear signal of confidence
from a global energy and chemical industry leader
in SIBUR’s high quality asset base and future growth potential.
We are excited to have Sinopec as our strategic shareholder,
whose participation will reinforce SIBUR's expertise
to maximize the efficiency of new large-scale projects and
raise the Company to a new level”.
WWW.CHEMWINFO.COM BY KHUN PHICHAI
