Energy major Reliance Industries Limited (RIL) today said it had signed a memorandum of understanding (MoU) with Russian petrochemical company Sibur to set up a joint venture (JV) to produce butyl rubber at Jamnagar City Gujarat India.
A press release from RIL said Sibur would provide proprietary technology for butyl rubber polymerization and its finishing, while Reliance, which has an integrated petrochemical site at Jamnagar, will supply monomers and provide the JV with world class infrastructure and utilities.
“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 RIL’s commitment to the synthetic rubber industry in India," a spokesperson for RIL said. "
It is also a significant milestone in taking forward the vision of our Reliance Industries Chairman Mr. Mukesh Ambani, for the elastomeric industry," he said.
“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,” Sibur President Dmitry Konov said.
Sibur operates across the entire petrochemical value chain from gas processing to the production of monomers and plastics, synthetic rubbers, mineral fertilizers, types and industrial rubber goods, as well as the processing of plastics. It produces over 2000 different types of products. Gazprombank Group is the principal shareholder of Sibur Holding JSC and owns more than 95 % of the company.
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