Sinopec Halts Project in Russia

Sinopec Halts Project in Russia

China’s Sinopec suspended discussions for a gas marketing venture and petrochemical investment in Russia, sources told Reuters.

This comes as a response to the government’s call for caution as sanctions could be implemented due to the Russian invasion of Ukraine.

Sinopec’s decision halted investments worth half a billion dollars in a gas chemical plant as well as a venture that aims to market Russian natural gas to China.

Since Russia invaded Ukraine, three Chinese state energy giants, China National Offshore Oil Corp (CNOOC), China National Petroleum Corp (CNPC), and Sinopec, have been evaluating the sanctions’ impact on their multi-billion-dollar investments in Russia, sources with direct knowledge of the matter said.

Sarah Samir 2782 Posts

Sarah has been writing in the oil and gas field for 8 years. She has a Bachelor Degree in English Literature. She has three years of experience in the banking sector.

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