Russia’s Sibur, Saudi Aramco agree to explore possible cooperation

The plan to float around 5 percent of Aramco in an initial public offering in 2018 is on track, Saudi Aramco’s Chief Executive Amin Nasser said at an energy forum in Moscow. (Reuters)

MOSCOW: Sibur, Russia’s largest producer of petrochemicals, and Russian state investment fund RDIF on Thursday signed a memorandum of understanding with energy company Saudi Aramco to exploit possible cooperation in Russia and Saudi Arabia.
The companies plan to evaluate the potential of the petrochemical markets of both countries and consider the possibility of expanding cooperation, Sibur said in a statement.
“The partnership with one of Saudi Arabia’s biggest petrochemical companies will allow Sibur to develop its expertise and sales areas and to study ; the Middle East market,” Sibur Chairman Dmitry Konov said.
Russian Energy Minister Alexander Novak was quoted as saying on Wednesday that Sibur would sign a $1.1 billion (SR4.12 billion) agreement to build a gas chemical plant in Saudi Arabia.