Sibur, Russian Direct Investment Fund (RDIF) and Saudi Aramco have signed a memorandum of understanding (MoU) on possible cooperation and investment activities in Russia and Saudi Arabia.
According to the memo, the companies will estimate the potential of the petrochemical markets in Russia and Saudi Arabia and explore opportunities for future cooperation.
“Partnership 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’s management board.
“We are pleased to assist Russian business in developing relations with partners from Saudi Arabia, as well as in entering the extremely promising market of this country, which opens up additional export opportunities in other regions,” said Kirill Dmitriev, CEO of RDIF.
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