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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

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