China Petrochemical Corporation, Sinopec Group and Saudi Arabia Basic
Industries Corporation (SABIC) inked a strategic agreement on March 16,
which the Chinese company announced on Monday.
According to the
agreement, China state-owned Sinopec and SABIC, the majority state-owned
company, will research opportunities for joint projects in China and
Saudi Arabia.
The agreement covers multiple strategic projects
with both sides developing petrochemical projects by forming joint
ventures in China and Saudi Arabia, which target downstream key markets,
such as automotive, electronics, lighting, buildings and construction,
packaging, and medical equipment.
The strategic agreement was
signed by Sinopec Chairman Wang Yupu and SABIC Chairman Prince Saud bin
Abdullah bin Thenayan Al-Saud on March 16 in the presence of Chinese
President Xi Jinping and Saudi Arabian King Salman bin Abdulaziz Al
Saud.
The agreement also seeks to explore opportunities for
further investments in the existing joint venture SINOPEC SABIC Tianjin
Petrochemical Company (SSTPC), to make way for expanding integrated
cooperation and realizing long-term development, the company said.
(Anadolu Agency, 27 March 2017)