Sinopec International (Hong Kong) Co. Ltd., the wholly owned subsidiary of China Petroleum and Chemical Corp. (Sinopec), and SIBUR, a Russian gas processing and petrochemical company, signed an agreement that will see Sinopec purchase 25 percent plus one share of Krasnoyarsk Synthetic Rubbers Plant JSC (KSRP). The deal is subject to approval by Russian and Chinese regulators.

Earlier the parties signed a joint-venture agreement to produce nitrile rubber at KSRP. Joint projects to produce nitrile and polyisoprene rubbers in Shanghai, whose annual capacity for each type of rubber is currently estimated at 50,000 tons, are currently in discussion.