Built to inform

Sign up for the daily newsletters

No, Thank you

Saudi Aramco to sign deal with Russian Sibur for JV project

Saudi Aramco and Russian petrochemical producer Sibur Holding are in talks to potentially form a joint venture to make synthetic rubber in the kingdom

Talks are said to be in the initial stages.
Talks are said to be in the initial stages.

Saudi Aramco and Russian petrochemical producer Sibur Holding are in talks to potentially form a joint venture to make synthetic rubber in the kingdom.  

The two companies are expected to sign a memorandum of understanding (MoU) for the project next month when Saudi King Salman Bin Abdulaziz visits Russia, sources said, according to Bloomberg.

The agreement will be the first project with a Russian company that will not involve energy exploration or production. Talks are said to be in the initial stages.

 

Earlier this year, the oil giant won approval from the government to set up two new companies that would develop and operate an energy industrial city in the kingdom.

In August, Saudi Aramco signed a contract with Saudi Archirodon Company and Huta Hegerfeld AG Saudia Company to develop King Salman International Complex for Maritime Industries and Services in Ras Al-Khair.

The contract was reportedly the first major undertaking for the maritime complex where contractors would conduct dredging and reclamation of approximately 37 million cubic metres of fill. It will be completed by 2020.

Most popular

Awards

The road to gender equality in Middle East construction
The story behind the CW Awards' Rising Star accolade, each of which has to date

Conferences

Leaders in Construction UAE Summit returns in Sept 2019
Dubai conference to see top officials discuss the people, trends, and challenges that will power
Leaders Kuwait 2018: New Kuwait 2035 needs smart city-led contracts
Localisation and contract modernisation are essential for Kuwait's diversification strategy

Latest Issue

Construction Week - Issue 740
May 02, 2019