China’s state-owned Sinopec Group and Saudi Basic Industries Corp signed a strategic cooperation agreement in Beijing on Thursday to look into opportunities for cooperation in both countries, Sinopec said on its website.
The agreement covers several strategic projects, including developing joint venture petrochemical projects in China and Saudi Arabia, which target key downstream markets, such as automobiles, electronics, lighting, construction, packaging, and medical equipment, according to the statement.
Moreover, they will also consider increasing investment in their existing JV Sinopec Sabic TianJin Petrochemical Company Limited in China for long-term integrated cooperation.
The agreement was signed by Sabic Chairman Prince Saud bin Abdullah Al-Saud, and Sinopec Chairman Wang Yupu.
Wang said Sinopec was willing to work with Saudi Arabia closely on upstream exploration and development, oil field services, refining technology and engineering, according to the website.
The agreement was one of many signed between China and Saudi Arabia during Saudi King Salman’s visit to Beijing.
The two countries on Thursday signed MOUs and letters of intent potentially worth about $65 billion involving investment, energy, space and other areas, the Chinese media reported, citing deputy Chinese Foreign Minister Zhang Ming.
By Oceana Zhou
Source: Platts
The US State of New York is introducing two new bills to combat over-packaging, poor recycling rates and litter issues, including an Extended Producer Responsibility (EPR) program requiring companies such as McDonald’s and Amazon to pay for the cost of packaging disposal and recycling.
The new organization’s mission is to redesign the critical steps of the plastics sorting and recycling system for post-consumer lightweight packaging (LWP) to speed up circularity, born from a need to meet the rising market demand for high-quality recyclates for use in high-end plastic applications.
Starbucks and Hubbub have launched a £1 million (US$1.22 million) “Bring It Back Fund” to increase the uptake of reusable packaging in the F&B industry. The funding will go toward innovative ideas that make it easier for customers to use alternatives to single-use packaging by supporting pilot projects that help shift consumption habits.
