Sinopec ends talks for Russian petchems investment: press
Chinese oil company Sinopec has suspended talks for a major petrochemicals investment in Russia and a venture to market Russian gas in China, sources told Reuters on March 25.
While Beijing opposes the unprecedented sanctions regime that has been imposed on Russia in response to its invasion of Ukraine, Reuters said that the Chinese government was fearful of its companies running afoul of sanctions.
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The petrochemicals project in question was not specified, although Reuters said it was set to be similar in scope to the $10bn Amur gas chemical complex (GCC) in East Siberia, due online in 2024. Amur GCC is 40% owned by Sinopec and 60% by Russian petrochemicals giant Sibur.
Amur GCC, situated close to Russia's border with China, is expected to produce 2.3mn metric tons/year of polyethylene and 400,000 mt/yr of polypropylene. Its development will be co-ordinated with that of Gazprom's Amur gas processing plant, which will supply ethane and LPG feedstock to the complex that it has separated from natural gas on route to China via the Power of Siberia pipeline.