SAGIA signs USD-2-bln deals with world’s largest petrochemical companies

RIYADH, Saudi Arabian General Investment Authority (SAGIA) has signed five memorandums of understanding (MoUs) worth USD two billion with a number of major petrochemical companies in the world.

Governor of SAGIA Ibarhim Al-Omar said in a statement this was achieved through the Authority’s endeavors to market investment opportunities in the Kingdom and make them available for international companies.

SAGIA aims at attracting quality investments in the petrochemicals sector, which is considered one of the main pillars of the Kingdom’s industrial strategy, he added.

SAGIA signed the MoUs with BASF Company, SNF, PAM and Mitsui Co., and Shell Company, for cooperation to study and evaluate the establishment of a factory a specialized in the field of energy and petrochemicals.

Source: Kuwait News Agency