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Agreement signed for first Sino-Saudi cooperation in production capacity project
Updated: May 18, 2020
eng.gdd.gov.cn
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The signing ceremony for the cooperation agreement between Pan-Asia SCI Group (Saudi Arabia) Co Ltd and Sinopec Chemical Commercial Holding Co Ltd was held on May 15 in Guangzhou Development District, announcing that Sinopec will offer raw materials and production sales for the Pan-Asia petrochemical chemical fiber integration project.
The Pan-Asia petrochemical chemical fiber integration project, located in Jazan City for Primary and Downstream Industries in Saudi Arabia, is the first project under the cooperation between China and Saudi Arabia in production capacity.
The project, which involves an overall investment of $2.4 billion, has been designed to be constructed in two phases. The first phase started construction in Jan 2019.
The signing of the agreement is expected to make full use of Sinopec's advantages in areas, such as markets, to provide all-around support in fields including market expansion and techniques.
The project will also encourage more companies to invest in Saudi Arabia, as well as provide experience in project preparation and operation.
A person in charge from Sinopec noted that the company has been actively responding to the Belt and Road Initiative and it hopes to team with GDD to push forward industrial development under the construction of the Guangdong-Hong Kong-Macao Greater Bay Area.
GDD will further promote economic and trade cooperation with Saudi Arabia as the year 2020 marks the 30th anniversary of the establishment of Sino-Saudi Arabia diplomatic ties.
