Baoshan Iron & Steel Company (Baosteel), China's biggest listed steelmaker, said it has signed an initial agreement with the state oil giant Saudi Aramco to study building an integrated steel plate manufacturing facility in Saudi Arabia.
This comes as part of the Saudi group's industrial investment programme, Aramco Namaat, which aims to drive the country's economic growth and diversification.
Aramco had recently signed 22 new MoUs and one JV agreement focused on capacity building in four key sectors: sustainability, technology, industrial and energy services, and advanced materials.
As per the pact, the duo will establish a guiding committee to jointly conduct feasibility studies on the project’s business plan, implementation and joint venture formation, said Baosteel in its filing to the Shanghai Stock Exchange.
The new venture will focus on production of high-end thick plate products, it added.-TradeArabia News Service
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