Sibur, Saudi Aramco sign MoU cooperation in Russia-Saudi Arabia

Sibur, Saudi Aramco sign MoU on cooperation in Russia-Saudi Arabia

11:01 AM, 7th October 2017
Sibur-Saudi Aramco logo

MOSCOW, RUSSIA: 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.

“This marks a new milestone in business relations and partnerships with our counterparts in Russia. The visit by The Custodian of The Two Holy Mosques King Salman bin Abdulaziz Al-Saud to Russia will further enhance ties and will foster collaboration among Saudi and Russian companies on various fronts,” added Amin Al-Nasser, president and CEO of Saudi Aramco.

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