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EastRussia Newsletter: an investor from the PRC will join the project of the Amursky Chemical Combine
The participation in the project of the Amur Gas Chemical Complex in Svobodny will nevertheless be taken by Chinese investors. Sibur and China Petroleum & Chemical Corporation (Sinopec) have agreed on the basic conditions for the creation of a joint venture on the basis of Amursky GCC. An agreement on this was signed during the visit of the head of the PRC Xi Jinping to Russia, the next published issue of the EastRussia bulletin says.
Terms of the agreement have some limitations. So, the joint venture can be created only if Sibur makes a final investment decision on the gas chemical complex construction project. Sibur intends to decide on this issue by the end of this year. In this case, Sinopec will receive 40% in the joint venture. In this case, the parties do not disclose the value of the transaction.
Sinopec was previously named as a potential partner of Sibur, including due to the fact that the AGHK is focused on the PRC market. Sinopec is the largest polyethylene producer in China. Thus, the participation of Sinopec in the project will significantly simplify the sale of products on the PRC market. At the same time, the Chinese company in 2015 already became a significant shareholder of Sibur with a stake in 15%.
Detailed analytics on this and other relevant topics can be found in EastRussia Weekly Newsletter.