RIYADH, SAUDI ARABIA (Jan. 17, 11:40 a.m. ET) — Saudi Basic Industries Corp. and China Petroleum & Chemical Corp. (Sinopec) have signed an agreement that will see the Saudi and Chinese firms explore new business opportunities. The deal expands on a joint cooperation deal for polycarbonate production.
The Protocol of Cooperation, which was signed by Prince Saud bin Abdullah bin Thenayan Al-Saud, chairman of Sabic, and Fu Chengyu, chairman of the Sinopec, will see the two companies build a previously announced polycarbonate plant in Tianjin, China.
Speaking after the signing ceremony, Prince Saud said: "I appreciate the respectful relationship and mutual cooperation between the Kingdom of Saudi Arabia and People's Republic of China as well as the efforts of these two countries' leaders to widen this relationship at all levels, particularly within economic and industrial affairs.”
He pointed to the importance of integration between Saudi Arabia and China, especially in the areas of petrochemicals, engineering and construction.
The plant is scheduled to become fully operational in 2015.
