In February, the heads of China's three state-controlled oil and gas majors -- China National Petroleum Corp (CNPC), Sinopec and China National Offshore Oil Corp (CNOOC) -- met one of Russia's most influential players in the energy sector, Igor Sechin, chief executive of state-owned oil company Rosneft.

CNN: China eyes Arctic options in energy, transport

Huntsman is manufacturing the substance along with BASF and several Chinese companies--including Shanghai Huayi (group company) and Sinopec Shanghai Gao Qiao Petrochemical Corp.

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Sinopec plans to use the proceeds to acquire overseas oil and gas assets of its parent company, China Petrochemical Corp.

WSJ: Sinopec Issues $3.5 Billion Bond, Asia's Biggest in a Decade