RDIF, Saudi Aramco and SIBUR signed Memorandum of Understanding on possible cooperation in Russia and Saudi Arabia
Press release, 05.10.2017
Moscow, 5 October 2017 - The Russian Direct Investment Fund (RDIF), Saudi Aramco and SIBUR signed a Memorandum of Understanding on possible cooperation and investment activities in Russia and Saudi Arabia.
According to the Memorandum, the companies will estimate the potential of the petrochemical markets in Russia and Saudi Arabia and explore opportunities for future cooperation.
Kirill Dmitriev, CEO of the Russian Direct Investment Fund (RDIF), said:
“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 of 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.”
Dmitry Konov, Chairman of SIBUR’s Management Board, 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”.
Russian Direct Investment Fund (RDIF) is Russia's sovereign wealth fund established in 2011 to make equity co-investments, primarily in Russia, alongside reputable international financial and strategic investors. RDIF acts as a catalyst for direct investment in the Russian economy. RDIF’s management company is based in Moscow. Further information can be found at www.rdif.ru
Saudi Aramco is a national oil company in Saudi Arabia. It is one of the largest integrated oil, gas and chemical companies worldwide engaging in production and processing of oil and gas, as well as their by-products.
SIBUR is a uniquely positioned vertically integrated gas processing and petrochemicals company. SIBUR owns and operates Russia’s largest gas processing business in terms of associated petroleum gas processing volumes, and is a leader in the Russian petrochemicals industry.
SIBUR operates 23 production sites located all over Russia,serving over 1,400 large customers engaged in the energy, chemical, fast moving consumer goods (FMCG), automotive, construction and other industries in approximately 80 countries worldwide and employed over 27,000 personnel.
For additional information contact:
Russian Direct Investment Fund
Tel: +7 495 644 34 14, ext. 2395
Mobile: +7 916 110 31 41
Andrew Hayes / Elena Garside
Tel: +44 (0) 20 7796 4133