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Sinopec Corp. signs agreements with Russian companies

2019-06-10     Source:

Sinopec Chairman Dai Houliang meets Leonid Mikhelson, Chairman of Novatek’s Management Board, and Dmitry Konov, Chairman of Sibur's Management Board on June 5th.


China Petroleum & Chemical Corporation (Sinopec Corp. or SINOPEC) announced that on June 5th SINOPEC, Novatek and Gazprombank signed an agreement, with key terms included, in Moscow to establish a joint venture in natural gas trading in China. The agreement was signed in the presence of President Xi Jinping and President Vladimir Putin by Chairman of SINOPEC Dai Houliang and Chairman of Management Board of Novatek Leonid V. Mikhelson. Under the agreement, the joint venture will purchase Liquefied Natural Gas (LNG) from Novatek 's portfolio and sell it to end customers in the Chinese market. The cooperation is subject to necessary regulatory approvals.

"The partnership combines the advantages of all shareholders and generates positive economic and social benefits. It will further advance the diversification of China's natural gas resources, help meet China's growing natural gas demands and improve the condition of China's atmosphere,” said Dai Houliang, Chairman of SINOPEC.

On the same day, China Petroleum & Chemical Corporation (Sinopec Corp. or SINOPEC) and SIBUR Holding (SIBUR) signed a framework agreement for Amur Gas Chemical Complex (Amur GCC) in Moscow. The agreement was signed in the presence of Chinese President Xi Jinping and Russian President Vladimir Putin by SINOPEC Chairman Dai Houliang and Chairman of the Management Board at SIBUR Dmitry Konov. Under the agreement, SINOPEC will have a 40 percent stake in Amur GCC.

"Investing in Amur GCC marks another one of our efforts to deepen cooperation between the two parties since we became a strategic investor of SIBUR. Leveraging our best practices and advantages, we are committed making this partnership represent regional energy cooperation in the downstream petrochemical sector," said Dai Houliang, Chairman of SINOPEC.

"This partnership will enable both parties to develop common expertise and experience to maximize the efficiency of new large-scale projects," said Dmitry Konov, Chairman of Management Board at SIBUR.

On the same day, Dai and Konov also signed an industry cooperation agreement and ZapSibNeftekhim product distribution agreement on behalf of the two companies in Moscow. The parties expressed strong wishes and commitment to strengthen strategic partnerships in China, Russia and other countries, while working together on the export of polyethylene produced by ZapSibNeftekhim to China.








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