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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.
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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.

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"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.

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