Under the agreement, the companies are planning - to study a joint venture with Chinese investment in Saudi Arabia, the companies noted. The agreement, which supports Saudi Vision 2030 and China's One Belt, One Road initiative, also seeks to explore opportunities for further investments at the existing Sinopec Sabic Tianjin Petrochemical Co. (SSTPC) joint venture.
Saudi Basic Industries Corporation (Sabic) ranks among the world's top petrochemical companies. The company is among the world's market leaders in the production of polyethylene, polypropylene and other advanced thermoplastics, glycols, methanol and fertilizers.
China Petroleum & Chemical Corporation is a Chinese oil and gas company based in Beijing, China.
One Belt, One Road is a development strategy and framework, proposed by Chinese paramount leader Xi Jinping that focuses on connectivity and cooperation among countries primarily between the People's Republic of China and the rest of Eurasia, which consists of two main components, the land-based "Silk Road Economic Belt" and oceangoing "Maritime Silk Road".