Harnessing the power of first-of-its-kind technology innovation through MOU with Dalian Institute of Chemical Physics and China National Petroleum Corporation
Boao, China, March 23, 2016 – SABIC, the world’s third largest diversified chemical company, held multilateral discussions with global, Asian and Chinese government officials and industry and business leaders at the Boao Forum for Asia Annual Conference (BFA) 2016, sharing perspectives around this year’s conference theme “Asia’s New Future: New Dynamics; New Vision”.
The SABIC delegation was led by His Highness Prince Saud bin Abdullah bin Thenayan Al-Saud, Chairman of the Royal Commission for Jubail & Yanbu and Chairman of SABIC, and Yousef Abdullah Al-Benyan, Vice Chairman & CEO (Acting), SABIC. Prince Saud will be making his keynote address at the opening plenary on March 24 amongst 13 heads of state as SABIC marks its eighth consecutive year of participation at BFA and third year as its Strategic Partner. Mr Al-Benyan is officially appointed to the BFA Board of Directors.
SABIC will participate in and contribute to China’s transformational journey from ‘made in China’ to ‘created in China’ by harnessing the power of innovation and technology – as seen in the recent tripartite Memorandum of Understanding (MOU) signed between SABIC, Dalian Institute of Chemical Physics (DICP), a research institute affiliated to the Chinese Academy of Sciences (CAS), and China National Petroleum Corporation (CNPC) on March 22, 2016.
“As China and Asia undergo unprecedented economic transformation, it is the shared responsibility of global leaders like SABIC to support sound business, economic and social policies,” commented Prince Saud. “Developments such as the Chinese government’s 13th Five-Year Plan have the potential to increase international trade and boost cooperation further. The importance of global interconnectivity is even more pronounced now, with new business collaboration opportunities emerging across countries and industries.”
As China calibrates its policies to a domestic consumption-led ‘new normal’ economy, with a greater emphasis on innovation and sustainability, SABIC is in a strong position to collaborate with Chinese customers and partners to create innovative material solutions tailored for the Chinese market across the entire value chain from research, development, production, distribution to sales serving key industries from construction, clean energy, electric and electronic, medical devices, nutrients, packaging, to transportation.
“Our focus is to support our customers’ commercial ambitions,” said Mr Al-Benyan. “Through our collaborations with Chinese enterprises, industries and innovation leaders such as DICP, CAS, and CNPC, our customers can expect to see more sustainable solutions that are created in China, for China. This is what we call ‘Chemistry that MattersTM’.”
Under the MOU agreement, SABIC, DICP and CNPC will jointly research in catalyst and process development in non-oxidative conversion of methane into olefins, aromatics and hydrogen – enabled by the breakthrough technology which will result in a more streamlined, simplified and efficient process, using greener technology than conventional methods involving a lengthier process today.
“At SABIC, we believe this first-of-its-kind technology breakthrough has immense potential to add considerable value to the petrochemical industry in China and the world. Once industrialized, this technology will provide a new channel for highly efficient utilization of natural gas, as well as unlimited possibilities for the production of new chemical products in a more sustainable manner,” remarked Awadh Al-Maker, SABIC’s Executive Vice President of Technology & Innovation.
The MOU is the latest strategic collaboration with DICP since 2012. Another five-year agreement with CAS was signed in 2014 for joint research in chemicals and chemical engineering fields to develop advanced technologies and solutions and promote talent development and exchange. Scholarships will be offered to 30 top graduate students and their supervisors in CAS this year, aimed at nurturing the next generation of innovators who will contribute to the future of China and Asia.
