China Petroleum & Chemical Corp, China's largest oil refiner, said on Tuesday that it planned to become part of the largest polyethylene project in Kazakhstan by acquiring a 30 percent stake of Kazakhstan's national oil and gas company KazMunayGas JSC, also known as KMG.

Sinopec anticipated that the project's final investment decision from the shareholders will be made within 2024.

The project will also produce a variety of polyethylene products in the future to meet the ever-increasing market demands both locally and globally, it said.

Ma Yongsheng, chairman of Sinopec, said that Sinopec and KMG have a long-standing collaborative foundation, and the signing of this agreement holds significant milestone importance, signifying the elevation of their partnership to new heights.

The strengths of Sinopec in the polyethylene industry, combined with KMG's local capabilities and resource advantages, will foster mutual complementarity towards beneficial development, he said.