SABIC, China's Guangzhou Zone sign cooperation MoU

Saudi Basic Industries Corp (SABIC) signed on Friday a memorandum of understanding (MoU) to strengthen cooperation with China’s Administration Committee of Guangzhou Nansha Development Zone.

SABIC and Guangzhou Nansha Development Zone will conduct joint feasibility assessments on SABIC’s future investments in Nansha, the Saudi petrochemical firm said on its website.

“China is one of SABIC’s core strategic markets, and SABIC is committed as a partner to help elevate China’s sustainable development and inclusive growth,” said Chief Executive Officer Yousef Al-Benyan. “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.”

China accounts for about 20 percent of SABIC’s global sales revenue.

In 1994, SABIC launched its investment in Guangzhou Nansha Development Zone with Nansha plant, which produces engineering plastics and products, and has a total investment of $248 million.