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JEDDAH: Representatives from 72 Saudi firms are part of a group visiting Poland and Slovakia in a bid to increase trade with the European countries.

Delegates from Federation of Saudi Chambers are also part of the trip, which will see high-level economic meetings involving senior government officials and private sector representatives. Their objective is to explore investment opportunities and sign several agreements and commercial partnerships.

The delegation, led by Chairman of the Federation of Saudi Chambers Hassan bin Mujib Al-Huwaizi, includes over 72 business representatives from various economic sectors, along with governmental entities and authorities, according to the Saudi Press Agency.

In August, the Kingdom and Poland established a joint business council for the 2024-2028 term to boost trade and investment between the two countries. The move is part of the nation’s broader strategy to deepen economic ties with Europe, with a particular focus on Poland, one of the continent’s largest economies.

Poland has seen impressive growth in its agri-food sector, with exports reaching a record €47.9 billion ($51.1 billion) in 2023 — a €10 billion increase from the previous year.

In 2023, ��������Ƶ’s trade exchange with Poland reached SR33.7 billion. The Kingdom’s primary exports to Poland include mineral products and plastics, while Poland’s main exports to the Arab country consist of tobacco, machinery, and mechanical appliances.

The relationship between ��������Ƶ and Slovakia has also witnessed growth following the official opening of the Slovak Embassy in Riyadh in recent years. Additionally, bilateral trade has increased significantly, highlighting untapped investment opportunities.

The delegation will begin its visit to Poland by holding the Saudi-Polish Business Council meeting, a joint forum, and bilateral meetings between representatives.

In Slovakia, the delegation will host the Saudi-Slovak Business Forum, conduct meetings between companies from both sides and sign an agreement to establish a joint business council.

Through its recent series of international visits to ten countries, the federation is leading efforts to open new markets and opportunities for the Kingdom’s backers and to boost trade and investment exchanges with countries worldwide, in alignment with the aspirations of Saudi Vision 2030.

RIYADH: Saudi energy giant Aramco, in collaboration with China Petrochemical & Chemical Corp. and Fujian Petrochemical Co., has launched the construction of a refinery and petrochemical complex in Fujian province, China.

The project, which is slated to be fully operational by the end of 2030, will feature an oil refinery with a capacity of 320,000 barrels per day, according to a company statement. In addition to the refinery, the complex will include a 1.5 million-tonne-per-year ethylene unit, a 2 million-tonne paraxylene unit with downstream derivatives capacity, and a 300,000-tonne crude oil terminal.

Aramco’s long-standing relationship with China spans more than three decades. This new venture is part of Aramco’s broader strategy to solidify its position as a key player in the global energy sector, while also supporting ��������Ƶ’s economic growth.

“Building on our strong relationships with both Sinopec and Fujian Petrochemical, today’s groundbreaking further expands Aramco’s growing downstream investment portfolio in China,” said Mohammed Al-Qahtani, Aramco’s downstream president.

He continued: “We will supply in excess of 1 million barrels per day of our crude oil to these high chemical conversion assets in China, reinforcing Aramco’s role as a reliable and long-term partner in China’s development. This also advances our liquids-to-chemicals strategy, through which we intend to direct more of our crude toward helping meet rising global petrochemicals demand.”

The new facility will also supply around 5 million tonnes of feedstock annually to the Gulei Petrochemical Base, the statement added.

The Fujian Petrochemical Complex will be a joint venture, with FPCL, a collaboration between Sinopec and Fujian Petrochemical Industrial Group Co., holding a 50 percent stake. Aramco and Sinopec will each own a 25 percent share.

Ma Yongsheng, chairman of Sinopec, highlighted that the Fujian project represents a significant milestone in the partnership between ��������Ƶ and China.

“Both Sinopec and Aramco are committed to promoting the high-quality development of the petroleum and petrochemical industry. Aramco’s participation supplies long-term reliable and competitive feedstock for the project and further boosts the healthy development of Gulei Petrochemical Base,” said Yongsheng.

This new deal further deepens Aramco’s collaboration with Sinopec in the energy sector. Earlier this year, in January, Aramco awarded contracts worth over $3.3 billion to Sinopec and Spain’s Tecnicas Reunidas for the construction of a gas facility in ��������Ƶ. The project involves the development of a new natural gas liquids facility at the Jafurah unconventional gas production site in ��������Ƶ.

In October, Aramco also strengthened its ties with Chinese partners, signing a five-year partnership with China National Building Material Group to explore advanced materials, including the potential manufacturing of wind turbine blades in the Kingdom.