Monday, November 29, 1999

RIL, Russian company to form JV for butyl rubber

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Reliance Industries Ltd (RIL), India's largest private sector company, and SIBUR, Russia's leading petrochemical company, have signed a memorandum of understanding (MoU) to set up a joint venture to produce butyl rubber at Reliance's integrated petrochemical site in Jamnagar.According to the MoU, SIBUR will provide proprietary technology for butyl rubber polymerisation and its finishing, while RIL will supply monomers and provide the JV with infrastructure and utilities.An RIL 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 RIL's commitment to the synthetic rubber industry in India. It is also a significant milestone in taking forward the vision of our chairman Mukesh 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.

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