Russia’s Sibur considers building $1 bln Saudi petrochemical facility: Putin

Russia’s largest petrochemical company, Sibur, is “exploring the possibility of building a facility” in Saudi Arabia with investments of more than $1 billion, Russian President Vladimir Putin told Al Arabiya.

“We also consider it possible to operate on the territory of Saudi Arabia. One of our companies is exploring the possibility of building a petrochemical facility,” Putin said.

Sibur is a supplier of petrochemical products to chemical, automotive and construction industries, among others. The company’s revenue stood at $9.1 billion in 2018.

Meanwhile, Saudi Aramco and the Russian Direct Investment Fund (RDIF) – which just opened up its first foreign office in Riyadh – are mulling projects in the oil services sector with a total total investment value of over $1 billion, and in the oil and gas conversion segment worth over $2 billion.

In an energy conference in Moscow two weeks ago, TMK, Russia's largest maker of steel pipes for the oil and gas industry, also said it was prepared to be an investor in Saudi Arabia.

Russia and Saudi Arabia have so far funded and approved bilateral projects worth $2.5 billion across several sectors, including artificial intelligence, infrastructure, transport, and medicine.