October 5, 2017 / 12:58 PM / 9 months ago

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

MOSCOW (Reuters) - 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.

FILE PHOTO - The logo of Russian petrochemical company Sibur is seen on a board at the St. Petersburg International Economic Forum 2017 (SPIEF 2017) in St. Petersburg, Russia, June 1, 2017. Picture taken June 1, 2017. REUTERS/Sergei Karpukhin

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 agreement to build a gas chemical plant in Saudi Arabia.

Reporting by Vladimir Soldatkin; writing by Dmitry Solovyov and Maria Kiselyova; editing by Jason Neely

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