2024 is the starting year of the second decade of the construction of the "Belt and Road". This year, China's petrochemical industry continues to cooperate along the "Belt and Road". Existing projects are progressing smoothly, and many new projects are about to be implemented.
At the press conference held by the State Council Information Office on April 19, Yang Tao, Director of the Department of Cooperation of the Ministry of Commerce, introduced that in the first quarter, China's import and export of waste materials and waste with the countries participating in the "Belt and Road" exceeded 48 trillion yuan, a year-on-year increase of 55%, 0.5 percentage points higher than the overall growth rate of foreign countries, accounting for 474% of the total import and export volume, an increase of 0.2 percentage points year-on-year. Among them, the petrochemical industry is promoting deeper economic and trade cooperation with countries along the route in the fields of transmission, new energy, chemicals, tires, etc.
China-Saudi Arabia cooperation strengthens connectivity
As the world's largest oil producer, Saudi Arabia has set its sights on Chinese assets. On April 2, Rongsheng Petrochemical disclosed an announcement that the company and its strategic partner Saudi Aramco jointly explored the joint venture operation of Ningbo Zhongjin Petrochemical Co., Ltd. and Saudi Aramco Jubail Refinery Company in Dhahran, and further signed the "Taiwan Cooperation Framework Agreement" to lay the foundation for the two sides to cooperate in major investments in China and Saudi Arabia.
According to the "Cooperation Framework Agreement", Saudi Aramco intends to acquire 50% of the equity of Zhongjin Petrochemical, a wholly-owned subsidiary of Rongsheng Petrochemical, and participate in its expansion project; at the same time, Rongsheng Petrochemical intends to acquire 50% of the equity of SASREF Refinery, a wholly-owned subsidiary of Saudi Aramco, and participate in its expansion project. In recent years, Saudi Aramco has continued to expand its layout in China and stepped up cooperation through equity investment, involving Rongsheng Petrochemical, Jiangsu Shenghong Petrochemical Industry Group Co., Ltd., a wholly-owned subsidiary of Dongfang Shenghong, Shandong Yulong Petrochemical Co., Ltd., Hengli Petrochemical, etc. The main project of the Sino-Saudi Gure Ethylene Project in Fujian, a subsidiary of Saudi Aramco's Basic Industries Company (SABIC), started in February this year with a total investment of approximately 44.8 billion yuan. The project is an important practical achievement in promoting the high-quality joint construction of the "Belt and Road" initiative and connecting it with Saudi Arabia's "Vision 2030".
Post time: May-07-2024
