GUJARAT, India—Reliance Industries Ltd. and Russian petrochemical firm Sibur are teaming up again, this time to set up a butyl rubber manufacturing plant in Gujarat.
Calling the bilateral cooperation between Russia and India as very beneficial to both countries, Evgeny Griva, the CEO of Sibur Petrochemical India, said India's petrochemical industry is growing, “but there is increased scope for further growth as oil and gas processing companies look at monetizing by-products of oil and gas production.”
He said Reliance's oil refinery will provide the raw materials for production and Sibur will supply the technology at the new plant. Reliance operates another facility in Gujarat.
Earlier this year, Reliance Sibur Elastomers, a joint venture formed by the two companies in 2012, began construction another butyl rubber factory in Jamnagar, India. It is expected to be completed in 2015.
The companies did not say when they expect to complete the newest plant.