05 August 2013 15:45 [Source: ICIS news]
MOSCOW (ICIS)--Russia-based petrochemical company SIBUR said on Monday that it has formed a synthetic rubbers joint venture with China Petroleum and Chemical Corporation (Sinopec).
The joint venture between the two companies is to be developed on the site of the Krasnoyarsk Synthetic Rubber Plant (KZSK), SIBUR said. Sinopec acquired a 25%-plus-one-share interest in KZSK, it said.
"This joint venture is representative of SIBUR's continuing relationship with Sinopec," Vladimir Razumov, SIBUR executive director, said. "China is a major consumer of nitrile butadiene rubbers produced by KZSK," he said.
The deal has been approved by Russian and Chinese regulators, the statement said.
Earlier, SIBUR and Sinopec pledged to consider a joint project expanding the KZSK nitrile butadiene rubbers capacity from 42,500 to 56,000 tonnes per year, according to the statement.
SIBUR and Sinopec are also discussing establishing a joint venture to manufacture nitrile butadiene rubber and isoprene rubber in Shanghai, with production lines expected to have an annual capacity of 50,000 tonnes apiece,company said.
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