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Home | News |Sinopec successfully completed acquisition of 10% stake in SIBUR as strategic investor
Sinopec successfully completed acquisition of 10% stake in SIBUR as strategic investor
Updated: 2015-12-18 10:00 Source: Market Report Company share:

SIBUR, Russia's largest gas processing and petrochemicals company, and China Petroleum & Chemical Corporation (Sinopec), a major global petrochemical corporation, announced today the successful completion of Sinopec’s 10% minority investment in SIBUR as a strategic investor, said SIBRU on its site.

The successful completion of the transaction will deepen the cooperation between the two companies and create value for both. The investment will also lead to better sharing of joint expertise and resources, which will strengthen not only the market leading positions of both companies, but also the strategic cooperation between China and Russia. Sinopec will have the right to nominate a representative for SIBUR's Board of Directors as a strategic investor.

"The decision of Sinopec, a major player in the global petrochemical market, to acquire a stake in SIBUR confirms the success of the management's effort to transform the Company into a gas processing and petrochemical leader and comes as a recognition of SIBUR's high growth potential. Getting Sinopec on board as a strategic shareholder will help to build the synergy required to bring SIBUR's growth to a brand new level," said Leonid Mikhelson, SIBUR’s Chairman of the Board.


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