Saudi Aramco, NICDP, ChemChina explore investment opportunities in Saudi Arabia

Saudi Aramco, NICDP, ChemChina to explore investment opportunities in Saudi Arabia

9:44 AM, 2nd September 2016
Saudi Aramco, NICDP, ChemChina to explore investment opportunities in Saudi Arabia

BEIJING, CHINA: Saudi Aramco, National Industrial Clusters Development Program (NICDP) and China National Chemical Corporation (ChemChina) signed a memorandum of understanding (Mou) that encourages all parties to seek investment opportunities in the energy and chemical sectors in the Kingdom.

The MoU was signed by Amin Nasser, president and CEO of Saudi Aramco; Khalid Al-Salem, president of the NICDP and Yang Xingqiang, president of ChemChina.

The agreement sets the stage for NICDP and ChemChina to explore investment opportunities in the Kingdom of Saudi Arabia in renewable energy including the development of manufacturing facilities for the organo-silicone and solar energy photovoltaic (PV) value chain, speciality chemicals and automotive tires using local raw materials.

The agreement also calls for the potential development of other industrial sectors including performance fibres for aerospace and high-tech applications, industrial non-tire rubber, animal feed additives and engineering plastics.

The agreement explores broad cooperation with Saudi Aramco in crude and oil products supply.  The agreement calls for assessment of the feasibility of using Saudi Aramco’s crude oil grades as feedstock for ChemChina’s refineries through a long-term Crude Oil Sales Agreement (COSA) that will commence 2017. The companies will assess cooperation in exchanging oil products from ChemChina’s refineries and subsidiaries with Saudi Aramco and its subsidiaries.

“This agreement is a forward step in realising the Saudi Vision 2030 goals. Our global leadership in oil and petrochemicals is well-known, and this collaboration will lay the groundwork for significant growth in industrial capabilities, expanded employment and enable new and emerging industries in the Kingdom,” said Amin Nasser.

“The three-party cooperation offers extraordinary potential and provides unique business and strategic opportunities for ChemChina which is implementing President Xi’s Belt and Road Initiative and its supply-side structural reforms. We believe this cooperation is only the spark to a dazzling future,” said Ren Jianxin, chairman of ChemChina.

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