By YVONNE LEE

HONG KONG -- China Petroleum & Chemical Corp., or Sinopec, said Wednesday it has agreed to acquire a stake in Russia's Sibur rubber plant in the Russian city of Krasnoyarsk.

Sinopec signed an agreement to acquire 25% plus one additional share in the rubber plant, it said in a statement, without specifying the value of the deal.

The two firms are in talks to set up a joint venture to produce nitrile as well as polyisoprene rubber in Shanghai, it said.

Earlier this year, Sinopec and Sibur signed an agreement to create a joint venture that will produce nitrile rubber in Krasnoyarsk.


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