SABIC, the world's leading diversified chemical company, and Nansha Development Zone Management Committee of Guangzhou signed a memorandum of understanding (MOU) on further cooperation on the morning of December 8, and SABIC will collaborate with Guangzhou Nansha Development Zone The future investment feasibility assessment.
Xie Ming, deputy director of Nansha Development Zone, Guangzhou, and Manoggi, manufacturing director of SABIC Specialty Materials Asia Pacific, signed the agreement.Guangzhou Municipal Committee of CPC, member of Guangzhou Municipal Party Committee, Nansha Development Zone (Free Trade Zone Nansha Area ) Secretary of the Party Committee and Director of the Nansha District Committee Cai Zhaolin, Zeng Jinze, Mayor of Nansha District, Guangzhou; Avand Al-Hati, Executive Vice President of SABIC; and Liang Mianto, Vice President of Strategic Business Unit of SABIC Memorandum of signing.
Yusuf Al-Bayan, Vice Chairman and Chief Executive Officer of SABIC, and Li Lei, Vice President and North Asia President of SABIC, met with the Chinese media in Guangzhou this afternoon.
Al-Baion just participated in this year's Fortune Global Forum in Guangzhou. He emphasized SABIC's long-term commitment to China: 'China is one of SABIC's core strategic markets and SABIC is also committed to becoming a catalyst for China's sustainable development and inclusive growth Is pleased to have this opportunity to come to Guangzhou to discuss further investment in China in order to strengthen SABIC's development prospects in China.China and Saudi Arabia have reached an all-round strategic partnership early last year and the current Saudi Vision 2030 'Is also actively docking the' One Belt and Road Initiative '. SABIC hopes to contribute to deepening economic and trade exchanges between China and Saudi Arabia by continuing to invest in China.
The signing of the memorandum of cooperation is an important part of SABIC's high-level delegation led by Mr. Al-Byhan, who is one of SABIC's most important strategic markets, contributing nearly 20% of SABIC's global sales revenue. China Petroleum and Chemical Industry Federation released data show that as of August 2017, China's chemical industry output value of 961.5 billion U.S. dollars, a substantial increase of 14.2% .China has sufficient market potential and kinetic energy, continued to be the growth of SABIC's global business development engine.
The SABIC Nansha Plant in Guangzhou's Nansha Development Zone was established in 1994 with a total investment of 248 million U.S. dollars. SABIC's engineering plastics and their products are widely used in various industries in the industrial and consumer products sectors and have now become the company's Asia's largest mixing plant and in the entire Chinese and global industry chain occupies an important position.
Guangzhou Nansha Development Zone is a state-level pilot free trade zone approved by the State Council in 2014. It is also an important hub on the Silk Road in the 21st century and a new round of reform and opening up in the country.Nowadays, Nansha Development Zone is making every effort to develop high-end manufacturing, Science and technology innovation and health care industries, SABIC considered the first choice for further investment in China.
As early as the 1980s, SABIC had already started business in Asia and gradually expanded its territory to China. Today, SABIC has an advanced R & D center in Greater China with factories in Shanghai, Guangzhou and Chongqing, And operates in 14 cities.In addition, SABIC also set up a joint venture with Sinopec in Tianjin to operate a world-class petrochemical complex.With the signing of this memorandum of understanding, SABIC is expected to continue its investment in China and its commitment to China The promotion of economic and trade activities in sand plays a key role in the linkage between the Saudi Vision 2030 and the Belt and Road Initiative.
Al-Bayan mentioned that SABIC's growth strategy includes endogenous growth and mergers and acquisitions. SABIC has announced three relatively large initiatives, the first being a joint venture with Ami to manufacture chemicals directly from crude oil OTC project.The second is an annual 1.8 million tons of ethylene cracking project with ExxonMobil in Texas, USA The third is a coal chemical project with Shenhua Ningxia Coal Group, SABIC is looking at some acquisition opportunities and hopes to find suitable opportunities by 2018.
Al-Bayhin said: "The above three projects represent oil-based, shale-gas-based, and coal-based raw materials, respectively, and fully realize our diversification of raw materials, which is also our competitive advantage A key.