Sector News

China's Sinopec, Saudi Arabia's Sabic sign cooperation agreement

March 16, 2017
Chemical Value Chain

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

comments closed

Related News

February 4, 2023

Eastman acquires performance films company Ai-Red Technology

Chemical Value Chain

Eastman Chemical Co. (Kingsport, Tenn.) announced it has acquired Ai-Red Technology (Dalian) Co., Ltd., a manufacturer and supplier of paint protection and window film for auto and architectural markets in the Asia Pacific region.

February 4, 2023

BASF and StePac partner on chemical recycling MAP packs to fight food waste

Chemical Value Chain

BASF and Israeli packager StePac have joined forces to create the “next generation” of fresh produce packaging. BASF will provide StePac with greater flexibility to advance contact-sensitive packaging formats to a higher sustainability standard by supplying StePac with Ultramid Ccycled – a chemically recycled polyamide 6.

February 4, 2023

TotalEnergies and Intraplás partner on food-grade renewable biopolymer production

Chemical Value Chain

TotalEnergies’ biorefinery in La Mède, France, allows direct access to renewable feedstock for its drop-in RE:newable polymer range derived from bio-based products. The company claims these polymers retain virgin-like properties.

How can we help you?

We're easy to reach