Sinopec and SABIC sign a strategic cooperation agreement

Under the witness of Chinese President Xi Jinping and Saudi Arabian King Salman bin Abdulaziz Al Saud, a strategic agreement was signed by Sinopec Chairman Wang Yupu and SABIC Chairman Prince Saud bin Abdullah bin Thenayan Al-Saud on March 16. According to the agreement, Sinopec and SABIC will study opportunities for joint projects in China and Saudi Arabia, to boost China’s Belt and Road Initiative and "Saudi Vision 2030" plan.
The agreement covers multiple strategic projects. Under the agreement, the both sides will develop petrochemical projects by forming joint ventures in China and Saudi Arabia, which target downstream key markets, such as automotive, electronics, lighting, building and construction, packaging, and medical equipment. The agreement also seeks to explore opportunities for further investments in the existing joint venture SINOPEC SABIC Tianjin Petrochemical Company (SSTPC), to make the way for expanding integrated cooperation and realizing long-term development.

中国石化与沙特基础工业公司签署战略合作协议
       3月16日,在国家主席习近平和沙特国王萨勒曼见证下,集团公司董事长王玉普与沙特基础工业公司董事长萨乌德在北京签署战略合作协议,共同探讨在中国与沙特两地分别开展项目合作的机遇,旨在共同推进中国“一带一路”倡议与沙特“2030愿景”。
       合作协议覆盖多个战略项目。主要内容包括:双方将寻求在中国与沙特两地分别开展项目合作的机遇,将研究在两地以合资公司方式发展石化项目,项目产品将主要针对下游的汽车、电子、照明、建筑及建造、包装和医疗器械等重要市场。此外,双方还将研究进一步扩大对双方合资企业中沙(天津)石化有限公司投资,为扩大一体化合作、实现长期发展开辟道路。

Information source:Sinopecnews.com
2017-03-27