Advanced works on strategic food security project, eyes exports: CEO

Fahad Al Matrafi, CEO of Advanced Petrochemical Co.

Advanced Petrochemical Co. is focusing on a strategic food security project to produce methionine, CEO Fahad Al Matrafi said in a panel discussion during the ceremony held by Shareek to announce the first bundle of projects. 

A strategic product will provide added value, Al Matrafi noted, adding that Advanced eyes exports to foreign markets in line with the increase in non-oil exports and Saudi Vision 2030. 

The project seeks to attract new enablers to the Kingdom, localize technologies and train Saudi cadres to this technology. This project will contribute to achieving self-sufficiency in the Kingdom, especially amid the supply chain challenges faced by markets.

Advanced’s project will drive the methionine-linked industries in the Kingdom, Al Matrafi said, adding that it will also provide many jobs and have a positive impact on economic development in Saudi Arabia. 

The company works with Shareek on strengthening cooperation with the private sector. 

Shareek program announced, on March 1, the first wave of supported projects for large companies joining the Private Sector Partnership Reinforcement Center. Eight companies in four industries are involved in the 12 projects approved under the Shareek incentives, Argaam reported.