Russia, Saudi Arabia to finalize rubber joint venture by end of 2018

Russia and Saudi Arabia will finalize several joint projects by the end of 2018, Russian Energy Minister Alexander Novak recently told journalists. The projects referred to see Saudi Aramco partner with Russain firms Sibur and Novatek. The Sibur plant plans centre on a particularly significantly sized rubber factory.

In October 2017, Russian Direct Investment Fund, Saudi Aramco and Sibur signed a memorandum of understanding on possible cooperation in petrochemicals and petrochemical marketing in Russia and Saudi Arabia. Currently, the RDIF is negotiating investment in construction of a rubber plant in Saudi Arabia that Sibur plans to build together with Saudi Aramco, and that will be one of the first Russian plants in Saudi Arabia. According to Dmitriev, the project is estimated at US$1 billion.