Russian commission allows Sinopec to buy up to 20% in Sibur

MOSCOW, Dec 11 (PRIME) -- A government commission for foreign investment control has approved Sinopec’s purchase of up to 20% in Russian petrochemical complex Sibur, Igor Artemyev, director of the Federal Antimonopoly Service, told reporters on Friday.

“Chinese state company China Petroleum (Sinopec) will buy up to 20% in the largest Russian petrochemical company Sibur Holding. At first it will buy 10%, and today they received the right to buy another 10% during three years after that. So they will purchase up to 20%,” he said.

The purchase will be made in tranches, according to the official.

“The Chinese side will pay U.S. $1.338 billion for 10% in Sibur. It is a huge deal, the decision has been made, and I hope the deal will be closed soon,” Artemyev said.

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