Sinopec and SIBUR Enter into a Strategic Cooperation Agreement
China Petrochemical Corporation (Sinopec Group.), a major global energy and chemicals company, and SIBUR, a leading Russian gas processing and petrochemicals company, today entered into a strategic cooperation agreement during a state visit by Russia’s President Vladimir Putin to China.
The arrangement provides for both parties to deepen strategic cooperation. As part of the cooperation, the parties will discuss potential expansion of trading operations and look into collaboration opportunities in gas processing and petrochemicals projects.
The parties believe that the strategic partnership between Sinopec and SIBUR will facilitate further strengthening of the companies’ leading market positions through sharing of joint expertise and resources.
Sinopec commented, “this partnership will help diversify and secure Sinopec’s long-term sourcing of petrochemical products and expand Sinopec’s overseas footprint, facilitating strategic collaboration and continual exchange of expertise”.
SIBUR commented, “the partnership between SIBUR and Sinopec, a global chemical industry leader, will enable SIBUR to maximise the efficiency of new large-scale projects, expand its competencies and distribution markets, and support the Russian petrochemical industry to a new level.”
The parties will engage in further discussions to determine the details of the strategic cooperation.