Sinopec Agrees to Buy Stake in Russian Rubber Plant

(Beijing) -- A subsidiary of oil refining giant China Petrochemical Corp. (Sinopec) has signed an agreement with Russia's largest petrochemicals company, Sibur, to buy a stake in a rubber plant.

Sinopec International (Hong Kong) Co. will buy 25 percent plus one extra share of a synthetic rubber plant in the Siberian city of Krasnoyarsk.

No financial detail has been disclosed, but Dmitry Konov, chief executive of Sibur, said at a press conference on October 31 that the transaction would not exceed US$ 100 million.