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

Courtesy: Sympatex Technologies

Textiles | On 23rd Feb 2018

Sympatex, Ricosta jointly move towards sustainability

Sympatex Technologies is moving towards sustainability with its...

Courtesy: Business wire

Information Technology | On 23rd Feb 2018

CLO Virtual Fashion launches CLO 4.0 & new website

CLO Virtual Fashion, a leading developer of cutting-edge 3D garment...

HKL Magu welcomes Amitabh Kant, CEO, NITI Aayog; Courtesy: AEPC

Apparel/Garments | On 23rd Feb 2018

AEPC completes 40 years of operation

The Apparel Export Promotion Council (AEPC) has successfully...

Interviews View All

Sachin Sharma
Gem Enviro Management Pvt Ltd

There are no significant differences between virgin yarn and PET recycled...

Luke Otten
Wigwam Mills Inc

Wigwam aims to recycle discarded yarn that doesn’t make it through the...

Shiladitya K Joshi
Truetzschler India Private Limited

India ITME provides a platform to interact with our stakeholders

Urmil Arya

Sushila International, a well established textile organisation established ...

Liz Manning

<div><b>Liz Manning</b>, Business Development Manager at Catexel, has...

Sandip Bhojani, Manthan Patel

Krypthm Tradelink LLP is a Surat-based manufacturer of westernwear....

Eamonn Tighe
Nature Works LLC

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

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

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

February 2018

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
70.6%
No
12.7%
Skip
16.7%

Total Votes: 102

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
63.7%
No
29.4%
Skip
6.9%

Total Votes: 102

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
88.2%
No
8.8%
Skip
2.9%

Total Votes: 102

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
83.3%
No
7.8%
Skip
8.8%

Total Votes: 102


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