25 January 2016
DAMMAM: China Petroleum and Chemical Corporation (Sinopec) signed an agreement with Dhahran Techno Valley Company (DTVC) to establish a state-of-the-art center for technology and innovation in DTV Science Park.
The signing and groundbreaking ceremony was held on Jan. 21, on the sidelines of a visit by a delegation from the Chinese company.
The land lease was signed by Halim Hamid Redhwi, chief executive officer of DTVC, while Sinopec was represented by its Chairman Wong Yeoju by, at Dhahran Techno Valley (DTV) headquarters.
The event was attended by Sahel Abduljauwad, vice rector of King Fahd University of Petroleum and Minerals (KFUPM), and Mohammed Al-Qahtani, senior vice president for exploration and production at Saudi Aramco and a number of officials from KFUPM, Saudi Aramco and Sinopec.
Sinopec, founded in 2000, is one of the largest state-owned petroleum energy and chemicals company in China, headquartered in Chaoyang, Beijing primarily focusing on the exploration of oil and gas, refining, petrochemical, chemical fiber, fertilizer sales, storage and transportation of crude oil and gas pipeline and refined oil.
Redhwi said: "Signing the agreement with Sinopec is a major success story for Dhahran Techno Valley.
Sinopec center will add tremendous value to DTV ecosystem's vision of becoming the world's largest cluster of upstream petroleum research."
He added: Dhahran Techno Valley was able to develop and create a suitable environment for the development of technology related to energy, and has strengthened the confidence of many local and global companies and encouraged them to establish R&D footprint in the Kingdom."
Redhwi said: "Sinopec Centre for Technology and Innovation in DTV will focus on furthering research and technology development to address Kingdom's technological needs."
Yeoju talked about the depth of relations between Saudi Arabia and China in all fields, especially trade and investment relations.
He said: "These relationships resulted in multiple partnerships between China and Saudi Arabia in the recent period and today's event highlights Sinopec's role in promoting this partnership, the launch of Sinopec Center in Dhahran Techno Valley."
He added: "The decision to establish a center underlines the full commitment of Sinopec to provide the required technologies for the Kingdom in the field of oil and gas, and we look forward to strengthening cooperation between Sinopec, KFUPM and Saudi Aramco to develop energy-related research."
© Arab News 2016