Sinopec to Acquire Stake in Russia's Sibur

China Petrochemical Corporation (Sinopec Group) will buy up to 20 percent in Sibur, Russia's top petrochemical company, Igor Artemyev, head of Russian antimonopoly watchdog, told reporters on Friday.

He added that for the first 10 percent, Sinopec will pay $1.338 billion, while it would acquire another 10 percent within next three years.

Reporting by Denis Pinchuk and Katya Golubkova