Sector News

ChemChina, Aramco sign deal to explore opportunities in Saudi Arabia

September 2, 2016
Chemical Value Chain

ChemChina, Saudi Aramco, and the National Industrial Clusters Development Program of Saudi Arabia signed a memorandum of understanding (MOU) on 31 August in Beijing to explore investment opportunities in Saudi Arabia.

The MOU was signed during the visit of a high-level delegation from Saudi Arabia to China in connection with the G20 summit, taking place in Hangzhou, China.

The agreement sets the stage for NICDP, which is leading the development of five export-oriented industrial clusters in Saudi Arabia, and ChemChina to explore investment opportunities in Saudi Arabia in renewable energy, including the development of manufacturing activities in the organo-silicone and solar energy photovoltaic (PV) value chain; specialty chemicals; and tires, using local raw materials. It also calls for the potential development of other industrial sectors, including performance fibers for aerospace and high-tech applications, industrial non-tire rubbers, animal feed additives, and engineering plastics. It also covers the supply by Aramco of crude oil to ChemChina’s refineries through a long-term sales agreement that is due to commence in 2017.

Amin Nasser, president and CEO of Aramco; Khalid al-Salem, president of NICDP; and Yang Xingqiang, president of ChemChina, signed the MOU. “This agreement is a forward step in realizing Saudi Vision 2030 goals…The collaboration will lay the groundwork for significant growth in industrial capabilities, expand employment, and enable new and emerging industries in the kingdom,” Nasser says.

“The three-party cooperation offers extraordinary potential and provides unique business and strategic opportunities for ChemChina,” says Ren Jianxin, chairman of ChemChina.

By Natasha Alperowicz

Source: Chemical Week

comments closed

Related News

September 25, 2022

France and Sweden both launch ‘first of a kind’ hydrogen facilities

Chemical Value Chain

France has launched an offshore green hydrogen production platform at the country’s Port of Saint-Nazaire this week, along with its first offshore wind farm. The hydrogen plant, which its operators say is the world’s first facility of its type, coincides with the launch of another “first of its kind” facility in Sweden dedicated to storing hydrogen in an underground lined rock cavern (LRC).

September 25, 2022

NextChem announces €194-million grant for waste-to-hydrogen project in Rome

Chemical Value Chain

The project sets up the Hydrogen Valley in Rome, the first industrial-scale technological hub for the development of the national supply chain for the production, transport, storage and use of hydrogen for the decarbonization of industrial processes and for sustainable mobility.

September 25, 2022

The problem with hydrogen

Chemical Value Chain

At first glance, hydrogen seems to be the perfect solution to our energy needs. It doesn’t produce any carbon dioxide when used. It can store energy for long periods of time. It doesn’t leave behind hazardous waste materials, like nuclear does. And it doesn’t require large swathes of land to be flooded, like hydroelectricity. Seems too good to be true. So…what’s the catch?