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China purchases 2nd 10% stake in Russia’s Sibur

by ChemOrbis Editorial Team -
  • 15/12/2016 (14:32)
According to media reports, Russia’s largest gas processing and petrochemical company Sibur and China’s Silk Road Fund signed an agreement on the purchase of another 10% stake after the first acquisition in 2015.

China’s state owned oil company Sinopec and Russia’s Sibur had signed a framework investment agreement in September 2015, during a state visit by Russia’s President Vladimir Putin to China, which envisaged Sinopec becoming a strategic investor in Sibur. Following this agreement, Sinopec completed the purchase of a 10% stake in Sibur for $1.338 billion in December 2015. Sinopec had the right to purchase another 10% stake in the company in the following three years.
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