Chinese petrochemical corporation Sinopec has bought 25 percent plus one share of the Krasnoyarsk synthetic rubber plant, where the company will produce nitrile butadiene rubbers in a joint venture with Sibur, the Russian petrochemical company announced Monday.
The deal is worth close to $50 million, Vedomosti reported, citing a source close to the deal.
The venture has been initially established for 30 years, but may be extended, said the source.
Over 30 percent of the plant's output will be supplied to the Russian market with the rest going for export. China will receive about half of the plant's production, a representative of Sibur said.