Moscow, 5 June 2019. SIBUR Holding and China Petroleum & Chemical Corporation (Sinopec) signed a Term Sheet for a potential joint venture (JV) that could be based at Amur Gas Chemical Complex (AGCC). The signing ceremony was witnessed by Xi Jinping, President of the People's Republic of China, and Vladimir Putin, President of the Russian Federation. Subject to SIBUR's final investment decision, Sinopec is expected to have a 40% share in the JV.
“The partnership will allow the parties to tap into shared expertise and experience to maximise efficiency of new large-scale projects and to exchange best practices”, said Dmitry Konov, Chairman of the Management Board at SIBUR Holding.
"The AGCC is another profound and pragmatic cooperation since Sinopec becoming a strategic investor in SIBUR Holding. Through joint effort of both parties, sharing of best industry practices, and further exploiting advantages and synergies of the two companies, we expect build to the project successfully and make it a model for the extension of the bilateral energy cooperation from upstream to the petrochemical sector.” Said Dai Houliang, Chairman of Sinopec.