Sinopec International, a subsidiary of Chinese petrochemical firm Sinopec, is acquiring a 25% stake in Russian firm Sibur’s rubber plant, in the Siberian city of Krasnoyarsk. The deal is said to be worth US$100 million, though financial details were not disclosed. Under Russian law, a stake of 25% plus one extra share allows Sinopec to have management control.
Early this year in April, the two firms also set up a joint venture to produce nitrile rubber. Sibur’s rubber plant has an annual production capacity of 42,500 tonnes but the two companies plan to increase capacity to 56,000 tonnes. Furthermore, the two companies are also discussing setting up a 100,000-tonnes/year facility to produce rubber in Shanghai using Sibur’s techniques and patents. (RJA)