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China’s Sinopec Corporation suspends projects in Russia

According to Reuters, the above potential investment is worth about 500 million USD. Sinopec is expected to cooperate with Sibur – Russia’s largest petrochemical producer. One source said Sinopec suspended the talks because it found board member Gennady Timchenko had been punished by the West. Timchenko is a longtime ally of Russian President Vladimir Putin.

Sources of Reuters revealed that since Russia launched a military operation in Ukraine on February 24, three Chinese state-owned energy giants – including Sinopec, China National Petroleum Corporation (CNPC) and PetroVietnam Offshore of the People’s Republic of China (CNOOC) – assessed the impact of sanctions from the US and the West on Russia on its multi-billion dollar investments in Russia.

The CEO of a Chinese state-owned oil company said it would follow Beijing’s foreign policy during the crisis.

Two other sources told Reuters China’s Foreign Ministry this month convened officials from the three energy groups to review their business relationships with Russian partners and local operations.

The groups also “set up a task force on Russia-related issues and consider a contingency plan if business disruptions and secondary sanctions are faced.”

Being Reuters contact, China’s Foreign Ministry stated that Beijing “is not necessary to report on internal meetings to others”: “China is a large, independent country. We have the right to exercise cooperation. normal economic and trade in various fields with the nations of the world”.

Earlier, on March 24, US President Joe Biden said China “knows its economic future is tied to the West” after warning President Xi Jinping that China “might regret it if it joins the West”. Russian side” in the attack on Ukraine.

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