SABIC signs MoU with RDIF and ESN Group

SABIC signs MoU with RDIF and ESN Group
SABIC signs MoU with RDIF and ESN Group

SABIC has signed a preliminary non-binding memorandum of understanding (MoU) with the Russian Direct Investment Fund (RDIF) and the ESN Group to set up and operate a methanol plant with a production capacity of 2 million tons per year, located in Russia in the Amur region.

The MoU last for12 months from the date of signing it, and can beextended.

The MoU is part of SABIC's strategy to achieve geographicdiversification of its operations, find new investment opportunities and enableit to strengthen its position in global markets.

The Saudi Energy Minister, Prince Abdul-Aziz bin Salman, announced onMonday the signing of 20 agreements with Russia to develop many areas with.

The minister confirmed during the signing ceremony of agreementsbetween Saudi Arabia and Russia in the presence of King Salman and PresidentPutin, that oil will remain in the foreseeable future a key element in thedevelopment of the world economy.

The CEO of the RDIF, Kirill Dmitriev, said in an interview thatthe RDIF will sign 14 new agreements, of more than $3bn with a number ofSaudi companies.

"Our agreements will be worth more than $3bn now," Kirill said. "Onecompany will be specialized in the oil industry and will invest, in partnershipwith Aramco, to produce important materials for Russian companies, Aramco, andmany other companies around the world".

The Russian official pointed out to make "the final arrangementsfor investments with one of the largest logistical players in Russia, and seekto invest in a large portfolio of aircraft lease".

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