BEIJING—ChemChina and two Saudi companies, Saudi Aramco and the National Industrial Clusters Development Program, have signed a memorandum of understanding for a deal to invest in the Saudi energy and chemical sectors.
The agreement, said a ChemChina news release, sets the stage for NICDP and ChemChina to study the development of manufacturing facilities for the organo-silicone and solar energy photovoltaic value chain, specialty chemicals and automotive tires using local raw materials.
The agreement calls for the potential development of other industrial sectors including industrial non-tire rubber and engineering plastics.
The MoU, which has been signed as part of China's new ‘one belt, one road' strategy, also explores broad cooperation with Saudi Aramco in crude and oil products supply.
“The three-party cooperation offers extraordinary potential and provides unique business and strategic opportunities for ChemChina,” said Ren Jianxin, chairman of ChemChina.