On January 21, Pan-Asia and Sinopec Chemical Commercial Holding Company Limited (“Sinopec Chemical Commercial”) held a signing ceremony at the headquarters of Sinopec.
The two sides signed a strategic cooperation framework agreement under the witness of Mr. Zhang Guoming, Deputy General Manager of Sinopec Chemical Commercial, Mr. Guan Lingxiang, Chairman of Pan-Asia Group, Mr. Gu Xiaobin, Director of the Development and Reform Bureau of the Guangzhou Development District, Mr. Zhang Tieshi, Chairman of CTCI Beijing, Mr. Li Lijun, Deputy General Manager of China Kunlun Contracting & Engineering Corporation, and Mr. Shi Yanhua, Overseas General Manager of China Kunlun, and Mr. Guo Enmin, Deputy General Manager of Guangzhou Hi-tech Investment Group Co., Ltd.
The agreement marks the start of comprehensive cooperation between the two sides that cover product offtake, financial operation, production technology, and product quality control services.
At home, Sinopec will enter into offtake arrangement for all products of Pan-Asia Guangzhou.
Overseas, Sinopec Chemical Commercial will set up a joint venture with Pan-Asia Saudi to provide product offtake (for the Project’s PET and PTA products), technical support and product quality control services to the Pan-Asia Saudi Project. The cooperation will fully utilize Sinopec’s strong marketing and capital capabilities and the Project’s production cost and location advantages, etc.
The cooperation will bring concrete support to the Project in production process, product quality, marketing and sales and working capital, and will provide comprehensive guarantee for its successful production commencement and stable operation.