🥂 China's Sinopec Bows Out Of Russian Petchem, Gas Projects

[Budi]

https://oilprice.com/Latest-Energy-News/World-News/Chinas-Sinopec-Bows-Out-Of-Russian-Petchem-Gas-Projects.html

China's state-run oil refiner, Sinopec, has paused discussions with Russia about a petrochemical investment and a deal to market Russian gas in China, Reuters sources suggested on Friday.

Reuters sources have suggested that the reason for the pause in talks is due to China's wariness over its own companies butting up against Western-levied Russian sanctions.

While the petrochemical deal wasn't named, Reuters sources said it was in the site selection process and was supposed to be similar in size to the $10 billion Amur gas chemical complex in Siberia. Amur is a joint venture between Sinopec and Russian Sibur.

The new investment in question—which was also a deal with Sibur—was estimated at $500 million for a gas chemical plant.

SNIP
Sinopec reportedly paused the talks when it realized that one of Sibur's minority shareholders and board members, Gennady Timchenko, had been sanctioned by the EU and Britain due to his ties with Russian President Vladimir Putin. Timchenko was also on Novatek's board until Monday, when he resigned.

Russia is China's second-largest oil supplier and third-largest gas provider.

Snip
China's Ministry of Foreign Affairs has recently met with Sinopec, CNPC, and CNOOC—its three energy giants—to review its ties to Russia. Reuters sources have suggested that those companies have been told to tread carefully in its dealings with Russia and to not make any rash moves in buying Russian assets.
*****MORE...


President Joe Biden knew exactly what he was doing when he came down hard on RU sanctions.
A direct hit to Putin's existence.

Thanks President Joe Biden.

[BlueWavePsych]

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