Sinopec, China's largest oil refiner, has completed a deal to acquire 10 percent share of Russia's largest gas processing and petrochemicals company Sibur, they announced Thursday.

The 10 percent minority investment will lead to better sharing of joint expertise and resources, strengthen not only the leading market position of both companies, but also the strategic cooperation between China and Russia, said a statement on Sinopec's website.

Sinopec will have the right to nominate a representative for Sibur's board of directors as a strategic investor, it added.

"Sibur's vertically-integrated upstream and petrochemical business model is highly complementary with Sinopec's businesses. This transaction is in line with our objective to strategically expand our petrochemical business overseas, and help diversify and secure Sinopec's long-term sourcing of petrochemical products," Wang Yupu, chairman of Sinopec, was quoted in the statement.

The completion of the deal came after Sibur and Sinopec signed a strategic partnership agreement in September 2015.

The two companies will discuss the possibility of widening the scope of collaboration. Sinopec is expected to participate in the Amur Gas Chemical Complex construction project as a strategic partner with Sibur, Sinopec said.

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