Home / Knowledge / News / Textiles / Subsidaries of Aramco & SABIC sign agreement for Fujian project
Subsidaries of Aramco & SABIC sign agreement for Fujian project
15
Jul '08
Saudi Aramco Sino Company Ltd, a wholly owned subsidiary of Saudi Aramco, signed a mutual cooperation agreement with SABIC Shenzhen Trading Company Ltd, a SABIC subsidiary in the People's Republic of China.

The agreement was signed on the afternoon of Saturday, July 12, 2008, at the offices of the parent company, Saudi Aramco, in Dhahran.

Under this agreement, SABIC Shenzhen Trading Company Ltd will market Saudi Aramco Sino Company Ltd's 25 percent share of polyolefin products produced by the Fujian Refining and Petrochemicals Company of the People's Republic of China.

The agreement was signed on behalf of Saudi Aramco Sino Company Ltd., by Saudi Aramco's senior vice president, Refining, Marketing and International, Khalid G. Buainain, while signing on behalf of SABIC Shenzhen Trading Company Ltd was SABIC's vice president, Corporate Finance, Mutlaq Al-Morished.

The signing ceremony was attended by Saudi Aramco president and CEO Abdallah S. Jum'ah, by Mohamed Al-Mady, SABIC's vice chairman of the Board of Directors and chief executive officer, in addition to a number of senior officials of Saudi Aramco, SABIC and Saudi Aramco Sino Company Ltd.

Jum'ah remarked: “Last year, we celebrated with Sinopec, the government of Fujian district of China, and ExxonMobil, the official inauguration of our joint processing venture in Fujian, the "Fujian Refining and Petrochemicals Company Ltd," which is considered to be the first-ever refining and petrochemical industries integrated project to be established with a foreign company in China, and here we are today ready to harvest the fruit of this new investment with our partners, through this momentous step we are taking together with SABIC.”

Jum'ah added, “In itself, this agreement constitutes, from the Kingdom's perspective, an extra relative advantage for SABIC, which grants it the right to market polyolefins in support of Saudi investments abroad.”

Jum'ah concluded his statement by saying, “We believe this cooperation between Saudi Aramco and SABIC will, in the future, add value to the Kingdom's internal and external investments.”

In turn, SABIC's vice chairman and CEO Mohamed Al-Mady said, ”The agreement signed between Saudi Aramco and SABIC is a qualitative leap in the history of Saudi industrial development. The agreement incarnates the integration between two giants each occupying a pioneering position worldwide, the first in the field of oil industries and the other in the area of the petrochemical industry.”

strategic cooperation between the two companies. SABIC has anchored its success over the years on its close cooperation with Saudi Aramco. We are looking forward to promoting this cooperation to include various industrial, marketing and technological aspects in a way that will accelerate national industrial development and maximize the gross domestic product.”

Khalid G. Buainain explained that the marketing studies, conducted by Sino Saudi Aramco Company Ltd, showed that the distribution and marketing of the polyolefins production of Fujian Refining and Petrochemicals Company would cover a large base of customers inside China.


Must ReadView All

Textiles | On 19th Aug 2017

New fabric interfaces to interact with computers

As computer capabilities evolve, new fabric-based interfaces are...

Textiles | On 19th Aug 2017

Brazilian cotton prices drop in first fortnight of August

Cotton prices dropped in the Brazilian market in the first fortnight...

Apparel/Garments | On 19th Aug 2017

Target to acquire Grand Junction for faster deliveries

Target Corporation has announced that it has agreed to acquire Grand...

Interviews View All

Asim Dalal
Indo Count Retail Ventures

Today, there is no other emerging market as India, "we make in India and...

Nishank Patel
Shri Dinesh Mills Limited

Broad range of fabrics will sell well this financial year

Karan Suratwala
Key Textile Accessories Private Limited

Chinese imports are destroying the supply chain

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

August 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
66.7%
No
16.7%
Skip
16.7%

Total Votes: 30

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
43.3%
No
36.7%
Skip
20.0%

Total Votes: 30

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
83.3%
No
6.7%
Skip
10.0%

Total Votes: 30

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
60.0%
No
10.0%
Skip
30.0%

Total Votes: 30


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search