By: ICN Bureau
Last updated : March 06, 2018 8:18 pm
The global chemical giant has signed MoU with Guangzhou Nansha Development Zone to conduct joint feasibility assessment on SABIC’s future investment in the area
SABIC and the Administrative Committee of Guangzhou Nansha Development Zone have signed MoU on further cooperation. According to the MoU, the two parties will jointly conduct feasibility assessments on SABIC’s future investment in Nansha. The MoU was signed by Xie Ming, Deputy Director General of Administration Committee of Guangzhou Nansha Development Zone and Manoj Sohoni, Director, Operations Manufacturing, Specialties, Asia, SABIC.
Speaking on the MoU, SABIC Vice Chairman & CEO, Yousef Abdullah Al-Benyan, said, “I am very pleased to have the opportunity to come to Guangzhou and discuss our further investment in China, and reinforce SABIC’s development prospects here. Saudi Arabia and China arrived at a comprehensive strategic partnership at the beginning of last year, and the Saudi ‘Vision 2030’ is actively complementing the ‘Belt and Road’ initiative. SABIC hopes to contribute to Saudi-China’s economic exchanges through continuous investment in China.”
As one of SABIC’s most important strategic markets, China contributes nearly 20% of SABIC’s global sales revenue. The company views Chinese market with significant potential to continually drive SABIC’s future global business development. According to China Petroleum and Chemical Industry Federation (CPCIF), China’s chemical industry reached $961.5 billion revenue from January to August 2017, which increased 14.2% year-on-year.