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Saudi Arabia and China in strategic pact for petrochemical projects
20 March 2017
Saudi Arabia's SABIC and China's Sinopec last week signed a strategic agreement to study opportunities for joint projects in their respective countries.
The agreement was signed by Prince Saud bin Abdullah bin Thenayan Al-Saud, President of the Royal Commission for Jubail and Yanbu and Chairman of SABIC, and Wang Yupu, Chairman of Sinopec, according to a 16 March press statement posted on SABIC's website.
The statement said the two companies will study for the first time a joint venture with Chinese investment in Saudi Arabia, and explore opportunities for further investments at the existing joint venture SINOPEC SABIC Tianjin Petrochemical Company.
It quoted SABIC Chairman as saying the agreement builds on previous successes such as studying the establishment of a coal-to-chemicals petrochemical complex with China's Shenhua Ningxia Coal Industry Group.
The joint venture petrochemical projects in China and Saudi Arabia will target downstream markets in automotive, electronics, lighting, and building and construction, packaging, and medical equipment, the statement added.
© Zawya Projects News 2017