Saudi Arabian Oil Co. (Saudi Aramco), the world’s biggest oil exporter, is in talks with Sibur Holding, Russia’s largest petrochemical producer, over setting up a joint venture to make synthetic rubber in the Kingdom, Bloomberg has reported, citing unnamed sources.


Both companies are expected to sign a memorandum of understanding (MoU) over the coming month upon the visit of Saudi King Salman to Russia.


The JV comes in conformity with Aramco’s strategy of boosting petrochemicals investments to reduce crude dependence.


King Salman is scheduled to visit Russia on Oct. 4-7 and meet President Vladimir Putin, according to earlier news reports.

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