Saudi Aramco partners with Russia-based Sibur

Russian website Prime has reported that Russia-based chemical group Sibur and Saudi Arabia-based Saudi Aramco have entered into a partnership. As part of the agreement, a new elastomers and rubber production facility will be built in Saudi Arabia. The companies have scheduled a $1bn investment, most of which will be directly financed by Saudi Aramco. Allegedly, France-based Total has played a key role in the agreement as well. Saudi Aramco and Sibur already signed an agreement in September 2017 for a potential cooperation in the petrochemical area. Additionally, Sibur, Saudi Aramco and SABIC Industrial Investment Company have signed a similar memorandum.
(Source: Prime)