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)
