Saudi Arabia Mulls Investment in Russian Petrochemical Plant

MOSCOW (Sputnik) - Saudi Arabia’s state-run Saudi Aramco oil giant and Sabic, a diversified chemicals producer, want to invest in building a petrochemical plant in Russia, the kingdom’s energy minister said Wednesday.

Khalid Falih added, in an interview with Rossiya 24 television channel, that these plans could be advanced by Saudi Arabia’s partnership with Sibur, a Moscow-based petrochemical company.

"I hope that our cooperation with Sibur will allow Saudi Aramco and Sabic to invest in the construction of a petrochemical factory in Russia," he said.

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Saudi Aramco and Sibur signed a tentative cooperation agreement last year. Russian Energy Minister Alexander Novak said at that time the two petrochemical giants planned to ink a $1.1-billion deal on a factory project in Saudi Arabia.