The decision to invest in Saudi Arabia matches the trend of the time and the strategic plan of Full Apex. On the one hand, the Belt and Road Initiative of China and China-Saudi Arabia Capacity Cooperation created a historic opportunity. On the other hand, Full Apex made a strategic decision to spread its foothold beyond China for strategic transformation and upgrading. After extensive study, the Group decided to invest in Saudi Arabia to extend both upstream and downstream along the PET industrial chain. To date, remarkable achievements have been made.
On November 10, 2016, Pan-Asia signed a Memorandum of Understanding with the National Industrial Clusters Development Program of Saudi Arabia to push forward preparation of the Project
On March 16, 2017, Pan-Asia signed a Conditional Site Allocation Agreement with the Royal Commission for Jubail and Yanbu, confirming the land of the Project
On July 19, 2017, Pan-Asia received an Industrial Investment License from the Saudi Arabian General Investment Authority. The Project became the first wholly-foreign-owned petrochemical project in Saudi Arabia
On September 26, 2017, Pan-Asia received an Outbound Investment Permit for Phase I of the Project from the Department of Commerce of Guangdong Province
On March 30, 2018, Pan-Asia held a signing ceremony for cooperation in EPC contracting with HQC of CNPC
On April 24, 2018, Pan-Asia received a Letter of Intent from the Saudi Industrial Development Fund about granting loan to the Project
On June 28, 2018, Pan-Asia received an Outbound Investment Project Recordation Notice for Phase I of the Project from the National Development and Reform Commission of China
With continued efforts from the Project team, the Project has completed all review and approval items in China and Saudi Arabia and is ready for construction.