Aramco-Sabic polyolefins' agreement to add value to kingdom's investment

14-Jul-08

Under a vital co-operation deal signed between Saudi Aramco Sino Company and Sabic Shenzen trading Company, the latter will market Saudi Aramco Sino Company's 25% share of polyolefin products produced by the Fujian Refining and Petrochemicals Company of China. This deal is expected to further incorporate technological and industrial aspects between the two giants - first in the field of oil industries and the other in the area of the petrochemical industry - to boost the national industrial development and maximize the GDP. The deal spells additional plus for Sabic as its China-based subsidiary receives a right to market polyolefins abroad, thereby adding value to the Gulf kingdom's internal and external investments. As per a higher authority in Sabic, the Saudi Aramco-Sabic agreement is a huge step in the history of Saudi industrial development. In the previous year, Fujian Refining and Petrochemicals Company of China was established as a joint processing venture between Saudi Aramco, Sinopec, the government of Fujian district of China, and ExxonMobil.