 "Sabic and Sinopec to explore new petrochemical projects in JV")
Sabic and Sinopec have signed a strategic agreement to study opportunities for joint projects in Saudi Arabia and China. Under the agreement, signed on March 16, 2017, the largest Saudi and Chinese petrochemical companies are planning - for the first time - to study a joint venture with Chinese investment in Saudi Arabia.
“This is an opportunity for both parties to build on their historic cooperation. The Chinese market has always been a key pillar of our sales over the last 30 years. Today, we are entering a turning point in our strategic relationship and building on previous successes, such as studying the establishment of a coal-to-chemicals petrochemical complex with China’s Shenhua Ningxia Coal Industry Group. We hope these successes continue through strategic projects that contribute to the Saudi and Chinese leaders’ plans and meet the aspiration of their peoples,” said Yousef Al-Benyan, vice chairman and CEO, Sabic.
The agreement also seeks to explore opportunities for further investments at the existing joint venture Sinopec Sabic Tianjin Petrochemical Company (SSTPC) that will contribute to industrial development in the two countries, allowing them to manufacture more high-quality products and open the way for expanding integrated cooperation that supports long-term development plans.
The agreement studies joint venture petrochemical projects in China and Saudi Arabia, which target downstream key markets, such as automotive, electronics, lighting, and building and construction, packaging, and medical equipment. The agreement covers strategic projects that allow Sabic to continue its historic participation in China’s growth and serve global growth as a whole. The agreement is a boost to Sabic's efforts to achieve its 2025 strategy in line with Saudi 2030 goals.
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