Source: Reliance Industries
India’s Reliance Industries and SIBUR, Russia’s leading petrochemical company, have signed a Memorandum of Understanding (MoU) to set up a joint venture in India. This new joint venture will produce butyl rubber at Reliance’s integrated petrochemical site in Jamnagar, India.
Аccording to the MoU, SIBUR will provide proprietary technology for butyl rubber polymerisation and its finishing, while Reliance Industries will supply monomers and provide the JV with world class infrastructure and utilities.
Commenting on the initiative, Reliance Industries Spokesperson said, “Reliance is committed to serving the Indian rubber industry. This industry is growing rapidly on the back of automobile demand in India and the sub-continent. This step reinforces Reliance Industries’ commitment to the synthetic rubber industry in India. It is also a significant milestone in taking forward the vision of our Chairman, Mr. Mukesh D. Ambani, for the Elastomer industry.”
“The creation of new capacity in close proximity to the Asian markets provides both SIBUR and Reliance with exciting opportunities. Rubber consumption in Asia has shown strong growth in recent years, triggered by increased volumes of tyre production,” Dmitry Konov, President of SIBUR, said.