China's Sinopec Buys Into Russia's Sibur

Sinopec and Sibur have agreed on the Chinese energy giant buying into Russia's top petrochemical company, Sibur said on Thursday without disclosing the stake and the value of the deal.

A representative for Sibur told Reuters that businessman Leonid Mikhelson, the head of Russia's No.2 gas producer Novatek (NVTK.ME) , will remain Sibur's largest shareholder.

The deal, signed in Beijing during Russian President Vladimir Putin's visit, is expected to be completed by Dec. 1 2015 after necessary regulatory approvals.

Other stakeholders in Sibur are tycoon Gennady Timchenko, an ally of Putin, as well as current and former Sibur managers.

(Reporting by Vladimir Soldatkin)