RDIF, Sibur, Saudi Aramco sign memorandum on cooperation in Russia, Saudi Arabia
MOSCOW. Oct 5 (Interfax) - The Russian Direct Investment Fund (RDIF), Sibur and Saudi Aramco have signed a memorandum of understanding on possible cooperation in the petrochemicals sector and marketing petrochemicals in Russia and Saudi Arabia, an Interfax correspondent reported from the signing ceremony.
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.
"Cooperation with Saudi Aramco, which has a strong resource base and experience in implementing large-scale investment projects for high-quality production with high added value, will create all necessary conditions for effective implementation of mutual cooperation," Kirill Dmitriev, CEO of RDIF was cited as saying in a statement.
""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," Dmitry Konov, chairman of Sibur's management board was cited as saying in the press release.