SCI Group and Pan-Asia Group signed a strategic cooperation framework agreement in Jazan, Saudi Arabia on Jan 19 to set up the joint-venture Pan-Asia Science Group (Saudi Arabia) Co Ltd to promote the operation of the first capacity cooperation project between the two countries.

Pan-Asia PET Resin (Guangzhou) Co Ltd of Pan-Asia Group is a major chemicals company in Guangzhou Development District (GDD) and is the largest PET fiber manufacturer in Guangdong province.

The petrochemical and chemical fiber integration project will be put into operation by the end of October this year, producing downstream chemical products in Jazan that will be transported back to China to meet domestic industrial development needs.

The project will make full use of Saudi Arabia's rich petroleum resources and the project will be built in three phases with an overall investment of $4 billion. It is estimated that the project will bring 2,500 direct job opportunities to local residents.

It is expected that the project will encourage more Chinese companies to invest in Saudi Arabia and make more contributions to the capacity cooperation between the two countries.

SCI Group and Pan-Asia Group sign a strategic cooperation framework agreement in Jazan on Jan 19 to set up Pan-Asia Science Group (Saudi Arabia) Co Ltd for the first capacity cooperation project between two countries. [Photo/Guangzhou Daily]