Beijing – Sibur have agreed to sell a 10% share of the company’s stakes to the Silk Road Fund, a Chinese investment fund, the Russian petrochemical company announced 14 Dec.

The Silk Road Fund makes outbound investment in infrastructure, energy, industrialisation and financial cooperation projects under China’s Belt and Road Initiative. The initiative, launched by the Chinese government, aims to increase the country’s investment across the world.

The agreement follows a deal in late 2015 between Sibur and China Petroleum & Chemical Corporation (Sinopec), in which the Chinese energy company took over a 10% minority stake in the Russian company.

“The fact that a financial institution as large as the Silk Road Fund became a shareholder of Sibur confirms the investor appeal of the company and strengthens its positions in the international market,” said Leonid Mikhelson, chairman of Sibur’s board of directors.