The Clap
Petro Rabigh (2380) signed three MoUs with investors to establish factories for manufacturing in its “Rabigh Plastic Technologies” complex.
What
The MoUs are with Pure Life Industries Middle East for the production of 80,000 annual water filters and flat ceramic membranes, Saudi Top for the production of 50 thousand tons annually of recycled polymer compounds, and Green Community for the production of 100,000 tons of recycled plastic resin for food applications per year.
So What
The company explained that the MoUs will aid in the “Saudi Vision 2030“, which seeks to maximize the added value of hydrocarbons.
Now What
Petro Rabigh was established in 2005 as a joint venture between “Saudi Aramco” and “Sumitomo Chemical” of Japan, each of which owns 37.5% of the company’s shares.
