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China's Sinopec, Saudi Arabia's Sabic sign cooperation agreement

Singapore — China's state-owned Sinopec Group and Saudi Basic Industries Corp signed a strategic cooperation agreement in Beijing on Thursday to look into opportunities for cooperation in both countries, Sinopec said on its website.

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The agreement covers several strategic projects, including developing joint venture petrochemical projects in China and Saudi Arabia, which target key downstream markets, such as automobiles, electronics, lighting, construction, packaging, and medical equipment, according to the statement.

Moreover, they will also consider increasing investment in their existing JV Sinopec Sabic TianJin Petrochemical Company Limited in China for long-term integrated cooperation.

The agreement was signed by Sabic Chairman Prince Saud bin Abdullah Al-Saud, and Sinopec Chairman Wang Yupu.

Wang said Sinopec was willing to work with Saudi Arabia closely on upstream exploration and development, oil field services, refining technology and engineering, according to the website.

The agreement was one of many signed between China and Saudi Arabia during Saudi King Salman's visit to Beijing.

The two countries on Thursday signed MOUs and letters of intent potentially worth about $65 billion involving investment, energy, space and other areas, the Chinese media reported, citing deputy Chinese Foreign Minister Zhang Ming.

--Oceana Zhou, oceana.zhou@spglobal.com
--Edited Jonathan Dart, jonathan.dart@spglobal.com