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Sanctions hit Sibur petrochem plans with Indian Oil
Mint Mumbai
|July 31, 2023
Russia’s largest integrated petrochemicals company PJSC Sibur Holding’s plan to build a large petrochemical plant with state-run Indian Oil Corp. Ltd (IOC) at Paradip has hit a roadblock due to the sanctions amid ongoing Russia-Ukraine war, said two people aware of the development.
The two partners were slated to sign an agreement for the facility but Sibur, also Russia’s largest liquefied petroleum gas producer, has kept its plan on hold following the sanctions on Moscow amid the Ukraine war. This led IOC to go ahead with the project on its own.
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