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 be extended.

The MoU is part of SABIC’s strategy to achieve geographic diversification of its operations, find new investment opportunities and enable it to strengthen its position in global markets.

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

The minister confirmed during the signing ceremony of agreements between Saudi Arabia and Russia in the presence of King Salman and President Putin, that oil will remain in the foreseeable future a key element in the development of the world economy.

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

“Our agreements will be worth more than $3bn now,” Kirill said. “One company will be specialized in the oil industry and will invest, in partnership with Aramco, to produce important materials for Russian companies, Aramco, and many other companies around the world”.

The Russian official pointed out to make “the final arrangements for investments with one of the largest logistical players in Russia, and seek to invest in a large portfolio of aircraft lease”.