Sector News

Sibur and Aramco sign MOU to cooperate in Russia and Saudi Arabia

October 5, 2017
Chemical Value Chain

Sibur (Moscow), Russia’s largest petrochemicals company; the Russian Direct Investment Fund (RDIF; Moscow) and Saudi Aramco have signed a memorandum of understanding (MOU) on possible cooperation and investment activities in Russia and Saudi Arabia, Sibur announced today.

The event took place during a historic visit by King Salman of Saudi Arabia to the Russian capital. Under the agreement, the companies will explore the potential for cooperation in the petrochemical industries in Russia and Saudi Arabia.

“Partnering with one of the largest petrochemical companies in Saudi Arabia will enable Sibur to build up competencies, reach out to new sales markets and explore the promising Middle East market, a relatively new target for the company. Combined expertise in implementing large-scale projects and entering new markets will further consolidate market leadership of both companies,” said Dmitry Konov, chairman of Sibur.

Kirill Dmitriev, CEO of RDIF, said, “Cooperation with Saudi Aramco, which has a strong resource base and experience in implementing large-scale investment projects…with high added value, will create all the necessary conditions for effective implementation of mutual cooperation.”

“This marks a new milestone in business relations and partnerships with our counterparts in Russia. The visit by …King Salman… to Russia will further enhance ties and will foster collaboration among Saudi and Russian companies on various fronts,” said Amin al-Nasser, president and CEO of Aramco. A similar MOU has recently been signed between Sibur, Aramco and SABIC.

Russian Energy Minister Alexander Novak said on Wednesday that Russia and Saudi Arabia would sign joint investment agreements worth more than $3 billion during the king’s visit.

By Natasha Alperowicz

Source: Chemical Week

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