According to the official website of China National Chemical Corporation, on August 31, the group signed a memorandum of understanding on cooperation with relevant Saudi Arabian institutions and companies in Beijing.
The parties agreed to seek investment opportunities in the energy and chemicals sectors in Saudi Arabia.
Saudi Arabian Oil Company Chairman and CEO Amin Nasser, Khalid Al Salam, President of the Saudi National Industrial Cluster Development Program, and Yang Xingqiang, General Manager of China National Chemical Corporation signed the Memorandum of Understanding .
China National Chemical Corporation said that the signing of this agreement laid the foundation for its investment opportunities in Saudi Arabia's renewable energy sector.
It is reported that related fields include silicone and solar photovoltaic value chains, specialty chemicals, and automobile tires using local raw materials.
The agreement also presents potential opportunities for collaboration in other industrial sectors, including functional fibers for aerospace, non-tire industrial rubber, animal nutrition additives and engineering plastics.
Ren Jianxin, chairman of China National Chemical Corporation, said that the cooperation between the three parties has an extraordinary imagination and provides distinctive business logic and strategic ideas for China Chemical to implement the “Belt and Road Initiative†and supply-side structural reforms.
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