Riyadh – Mubasher: Russia-based Sibur and the Saudi Arabian Oil Co, known globally as Saudi Aramco plan to sign a memorandum of understanding (MoU) to establish a gas chemical plant in the Kingdom, Russia’s Minister of Energy Alexander Novak on Tuesday said.
Sibur is a Russian firm which is specialised in petrochemicals.
Two informed sources stated during the previous week that Aramco is holding discussions with Sibur to establish a joint venture (JV) of synthetic rubber in Saudi Arabia.
The chairman of Russian Direct Investment Fund (RDIF) Kirill A. Dmitriev noted on Monday that the Kingdom and Russia will reveal a large agreement in the infrastructure sector.
Saudi Arabian King Salman bin Abdulaziz will visit Russia from 4 October until 7 October.
The Russian Minister of Energy said on Monday that his country and Saudi Arabia will launch a $1 billion fund to invest in energy projects.
