Chinese Sinopec joins Kazakh Polyethylene Project as co-founderSinopec, a Chinese multinational, has officially become a co-founder of Silleno LLP, a polyethylene plant in Kazakhstan, KazMunayGas (KMG) told Interfax-Kazakhstan.The KMG press service confirmed Sinopec's official entry into the Polyethylene project in response to the agency's query.Shares in the project are divided as follows: KazMunayGas holds a 40% stake, Russia's SIBUR controls 30%, and Chinese giant Sinopec also possesses 30% ownership.According to information shared by the company on the Kazakhstan Stock Exchange (KASE), KazMunayGas divested a 20% stake in Silleno LLP effective March 29.The Polyethylene project aims to establish a cutting-edge production facility with an annual capacity of 1.25 million tonnes of polyethylene in the Atyrau region of western Kazakhstan.Kazakhstan's sovereign wealth fund Samruk-Kazyna, KMG, SIBUR Holding and participants in the operating companies of the Polypropylene and Polyethylene petrochemical projects signed the main documents on the formation of joint ventures based on Kazakhstan Petrochemical Industries Inc. (KPI Inc., Polypropylene project) and Silleno (Polyethylene project) in November 2022. The parties defined the terms of their partnerships in the joint ventures, including investment in the project and the procedure for selling the finished product.An agreement for Sinopec to join the project as a full-fledged partner was signed in May 2023.With an estimated project cost of $7.7 billion, the polyethylene plant is slated for completion by 2028. (ICE ALMATY)

Fonte notizia: INTERFAX