Witnessed by the Chinese President Xi Jinping and the Russian President Vladimir Putin, China Petrochemical Corporation (Sinopec Group) and SIBUR today entered into a strategic cooperation agreement during a state visit of President Putin to China. The arrangements provide for both parties to deepen strategic co-operation.
As part of the co-operation, 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 the 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 in achieving a new level”. The parties will engage in further discussions to determine the details of the strategic co-operation.
Adapted from press release by Hannah Priestley-Eaton