BEIJING — Saudi Aramco, the Kingdom’s National Program for Promotion of Industrial Clusters and Chinese ChemChina co-signed a memorandum of understanding (MOU), to promote industrial clusters and investment opportunities. The ceremony took place during the visit of Deputy Crown Prince Muhammad Bin Salman, second deputy premier and minister of defense.
The memorandum was signed by the Aramco’s Executive President Ameen Al-Nasser, Khalid Al-Salem, head of National Program for Development of Industrial Clusters and the CEO of ChemChina.
The MOU paves the way before the Program and ChemChina to explore investment opportunities in the Kingdom in the field of renewable energy, including developing the utilities for manufacturing organic silicon, solar photoelectric energy and chemical substances for automobile tires using locally available raw materials.
The MOU also looks into the possibility of developing other industrial sectors. These include high performance fibers to be used in aviation and plastics industries other than automobile tires, additives for animal fodder and engineering plastics.
The tripartite agreement also deals with discussing cooperation with Aramco in the field of supplying crude oil.
Aramco, Royal Commission sign two deals with Chinese firms
Meanwhile, Aramco and the Royal Commission for Jubail and Yanbu signed preliminary agreements with two Chinese companies — Yanchuan Yoching Investment Company Limited and Gwanzu Industrial Development Group.
The agreement focuses on improving investment opportunities for Chinese companies in Jazan Economic City with the possibility of investment in other pivotal projects in the field of transport and support services in the Kingdom.
It also deals with constructive cooperation between the Kingdom and China in strategic fields set out by the Kingdom Vision 2030 and the Belt and Road Initiative.
SEC signs four MOUs with China
The Saudi Electricity Company signed four Memorandums of Understanding and cooperation with Chinese companies. This comes within the program of the visit by Deputy Crown Prince Muhammad Bin Salman, deputy premier, minister of defense and chairman of the Economic Affairs and Development Council to China.
Dr. Saleh Bin Hussein Al-Awaji, undersecretary of the ministry of energy, industry and mineral resources for electricity affairs and chairman of the board of directors of Saudi Electricity Company said the MOUs are in conformity with Kingdom Vision 2030 and National Transformation Program 2020.
They aim to diversify the sources of national income and attract new investments in electricity industries.
SEC signed the MoUs with the Chinese Shanghai Electric Company, China Electric Company, Huawei and ZTE.
