Sinopec to Acquire Stake in Russia SIBUR's Rubber Plant

China Petroleum & Chemical Corp. (SNP), or Sinopec Corp., said Wednesday it has agreed to acquire a stake in Russia's Sibur rubber plant in the Russian city of Krasnoyarsk.

Sinopec signed an agreement to acquire 25% plus one additional share in the rubber plant, it said in a statement, without specifying the value of the deal.

The two firms are in talks to set up a joint venture to produce nitrile as well as polyisoprene rubber in Shanghai, it said.

Earlier this year, Sinopec and Sibur signed an agreement to create a joint venture that will produce nitrile rubber in Krasnoyarsk.