SIBUR, RDIF, Aramco, SABIC sign MoUs during King Salman's Russia visit

According to the MoUs, the companies will estimate the potential of the petrochemical markets in Russia and Saudi Arabia and explore opportunities for future cooperation.

King Salman walks past Russian honour guards upon his arrival at Moscow's Vnukovo Airport on 4 October 2017. (Image courtesy: ALEXANDER NEMENOV/AFP/Getty Images).
King Salman walks past Russian honour guards upon his arrival at Moscow's Vnukovo Airport on 4 October 2017. (Image courtesy: ALEXANDER NEMENOV/AFP/Getty Images).

SIBUR, the Russian Direct Investment Fund (RDIF) and Saudi Aramco signed a memorandum of understanding (MoU) on possible cooperation and investment activities in Russia and Saudi Arabia.

According to the MoU, the companies will estimate the potential of the petrochemical markets in Russia and Saudi Arabia and explore opportunities for future cooperation.

Dmitry Konov, chairman, management board, SIBUR, said, “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.”

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

Amin Al-Nasser, president and CEO, Saudi Aramco, said: “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.”

A similar memorandum has been recently signed between SIBUR, Saudi Aramco and SABIC.

From SIBUR's side, Leonid Mikhelson, chairman, board of directors, and Dmitry Konov, chairman, management board, signed the document.

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