Under this agreement, the Sabic Shenzhen Trading Company, will market the Saudi Aramco Sino Company’s 25% share of polyolefin products produced by the Fujian Refining and Petrochemicals Company in China.
The agreement was signed on behalf of the Saudi Aramco Sino Company, by Saudi Aramco’s senior vice president for refining, marketing and international, Khalid Buainain, while signing on behalf of the Sabic Shenzhen Trading Company was Saudi Basic Industries’s (Sabic) vice president for corporate finance, Mutlaq Al-Morished.
Mr Buainain explained that marketing studies, conducted by the Saudi Aramco Sino Company, showed that distribution and marketing of the polyolefins production of the Fujian Refining and Petrochemicals Company would cover a large base of customers inside China.
The two parties agreed that this task should be undertaken by Sabic through a polyolefins marketing agreement, on account of Sabic’s local and foreign experience in petrochemical marketing.
