Saudi Arabian General Investment Authority (SAGIA) has signed five memorandums of understanding (MoUs) amounting to $ 2 billion (SAR 7.5 billion) with a number of major petrochemical companies in the world at a ceremony held here today, in the presence of Deputy Minister of Industry Osama Al-Zamil, representatives of major petrochemical companies and a number of government and private sector bodies in the Kingdom. Governor of SAGIA welcomed the major international petrochemical sector companies in the Saudi market, stressing that this was achieved through the Authority's endeavors to market investment opportunities in the Kingdom and making 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. SAGIA signed the MoUs with BASF Company, one of the world's largest petrochemical companies; SNF, the world's largest producer of PAM; and Mitsui & Co., for cooperation to study and evaluate the establishment of a factory in Jubail Industrial City, to produce ammonia with a capacity of one million tons per year, in an environmentally friendly production method, and another factory to produce specialized chemicals. SAGIA also signed MoUs with Shell Company; a specialized in the field of energy and petrochemicals; and Shell and AMG aiming at establishing a plant for the recovery of high-value minerals from the catalysts used in oil refining processes after consumption, as these minerals are used in the production of specialized types of iron, steel and others.
