PHOTO AFP Guangdong province and Saudi Arabia's Saudi Aramco signed a Memorandum of Cooperation on Sunday in Beijing, proposing a cooperative framework for exploring investment opportunities in multiple areas.
According to a statement released by the Guangdong provincial government, both sides will advance their ties in energy cooperation, research and innovation, industrial projects, financial cooperation and talent exchanges.
Wang Shouwen, the deputy minister of commerce and China's international trade representative, and Wang Jiangping, vice-minister of industry and information technology, attended the signing ceremony, attended by Guangdong governor Wang Weizhong and Amin Nasser, president and CEO of Saudi Aramco.
Wang Weizhong said that Saudi Aramco, one of the world's largest integrated oil, gas and chemical companies, has an important influence on the global oil industrial chain, while Guangdong is one of the major petrochemical industrial bases in China.
In recent years, the province has formed green petrochemical industrial clusters with an industrial output of more than 1 trillion yuan, a number of petrochemical projects valued at more than $10 billion, and the province has now formed green petrochemical industrial clusters with an industrial production of more than 1 trillion yuan $145.29 billion, he said.
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Both sides have a good foundation for deepening mutually beneficial cooperation and complementary advantages, and the cooperation has great potential and broad prospects for the coming years. Wang said he would help the construction of a new higher-level open economy, create a market-oriented business environment, and provide high-quality services and solid guarantees for the development of Saudi Aramco in Guangdong.
Nasser said that Guangdong has achieved great success in attracting large-scale foreign investment, becoming a leader in the petrochemical and advanced materials industries.
Nasser said that Saudi Aramco, the world's largest crude oil producer and the world's largest oil refining and chemical company, has broad cooperation with Guangdong in the petrochemical field, new materials and strategic emerging industries.
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Saudi Aramco is ready to strengthen cooperation in petrochemicals, hydrogen energy, ammonia energy and related industries to support Guangdong in developing a modern and sustainable petrochemical industry to achieve mutual benefits and win-win results, Nasser said.