Russia approves Sinopec’s participation in huge petrochemical project

MOSCOW: The Russian government has approved participation of China’s Sinopec company in a large-scale petrochemical project, the government said in a statement on Tuesday, in line with Moscow’s plans to forge closer ties with Beijing.

Russia’s privately held Sibur petrochemical company wants to build one of the world’s largest polymer-producing plants in the country’s far east, targeting the Chinese and broader Asian markets.