Sinopec to buy 10% Sibur stake, take part in building Amur Gas Processing Plant - Novak
MOSCOW. Sept 4 (Interfax) - Sibur and Sinopec have signed an agreement on the Chinese company's participation in projects in Russia, Energy Minister Alexander Novak said on Rossiya-24 television, commenting on the agreements reached during President Vladimir Putin's visit to China.
The two companies signed an agreement under which Sinopec will take part in implementing projects in Russia, including construction of the gas-chemical complex in Amur region, which is being built in concert with the Power of Siberia gas pipeline.
Sibur reported on Thursday that it had concluded an investment agreement that will see Sinopec take a stake in Sibur as strategic investor. Sinopec will take a stake of at least 10%, a source told Interfax.
Novak also named the 10% figure in an interview with RT.
"The Sibur company signed a host of projects, including one of the most significant projects on sale of 10% of Sibur with the goal of raising investment to implement projects in Russia joint with Chinese companies, notably Sinopec. This concerns the project to build the gas-chemical complex in Amur region under the Power of Siberia project," Novak said.