Aramco and Eastern Shenghong Sign Cooperation Framework Agreement 

At the signing ceremony, front row, from left: Chairman of Shenghong Holding Group Miao Hangen and Aramco Executive Vice President of Products and Customers Yasser M. Mufti. Back row, from left: Jiangsu Provincial Development and Reform Commission Deputy Director General Wang Rongfei, Jiangsu Province Executive Vice Governor Ma Xin, Aramco President & CEO Amin H. Nasser and Aramco Downstream President Mohammed Y. Al Qahtani. (Aramco)
At the signing ceremony, front row, from left: Chairman of Shenghong Holding Group Miao Hangen and Aramco Executive Vice President of Products and Customers Yasser M. Mufti. Back row, from left: Jiangsu Provincial Development and Reform Commission Deputy Director General Wang Rongfei, Jiangsu Province Executive Vice Governor Ma Xin, Aramco President & CEO Amin H. Nasser and Aramco Downstream President Mohammed Y. Al Qahtani. (Aramco)
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Aramco and Eastern Shenghong Sign Cooperation Framework Agreement 

At the signing ceremony, front row, from left: Chairman of Shenghong Holding Group Miao Hangen and Aramco Executive Vice President of Products and Customers Yasser M. Mufti. Back row, from left: Jiangsu Provincial Development and Reform Commission Deputy Director General Wang Rongfei, Jiangsu Province Executive Vice Governor Ma Xin, Aramco President & CEO Amin H. Nasser and Aramco Downstream President Mohammed Y. Al Qahtani. (Aramco)
At the signing ceremony, front row, from left: Chairman of Shenghong Holding Group Miao Hangen and Aramco Executive Vice President of Products and Customers Yasser M. Mufti. Back row, from left: Jiangsu Provincial Development and Reform Commission Deputy Director General Wang Rongfei, Jiangsu Province Executive Vice Governor Ma Xin, Aramco President & CEO Amin H. Nasser and Aramco Downstream President Mohammed Y. Al Qahtani. (Aramco)

Saudi Aramco, one of the world’s leading integrated energy and chemicals companies, and Jiangsu Eastern Shenghong Co., Ltd. (“Eastern Shenghong”) signed on Wednesday a cooperation framework agreement to facilitate discussions relating to the possible acquisition by Aramco of a 10% strategic equity interest in Jiangsu Shenghong Petrochemical Industry Group Co., Ltd. (“Shenghong Petrochemical”), a wholly-owned subsidiary of Eastern Shenghong, subject to due diligence and required regulatory clearances.

Shenghong Petrochemical owns and operates a 320 MBD integrated refinery and petrochemicals complex, a methanol-to-olefins and derivatives complex as well as a purified terephthalic acid production facility through its wholly-owned subsidiaries. The facilities are co-located in the Xuwei Petrochemical Industrial Park in Jiangsu Province, read an Aramco statement.

Under the Cooperation Framework Agreement, it is intended that Aramco would supply Shenghong Petrochemical with crude oil and potentially other feedstocks. Aramco and Shenghong Petrochemical also intend to cooperate on the development of a large expansion project, subject to further discussions between the parties and the execution of definitive agreements.

Mohammed Y. Al Qahtani, Aramco Downstream President, said: “Aramco looks forward to partnering with Eastern Shenghong to supply the reliable energy required for China’s long-term growth, development and energy security.”

“The signing of this cooperation framework agreement is another significant milestone in Aramco’s Downstream strategy to increase conversion of Arabian crude oil to chemicals and to expand into the critically important Chinese market. We see China as an important partner not only for today but for decades to come,” he stressed.

Eastern Shenghong, which is listed on the Shenzhen Stock Exchange, is a leading, vertically-integrated energy and chemicals enterprise which deploys advanced technologies in its new energy and materials businesses.



Pakistan Set to Receive $20 Billion Loan From World Bank

FILE PHOTO-People wait for their turn to buy low-priced bun-kabab from a shop in Karachi, Pakistan June 10, 2022. REUTERS/Akhtar Soomro
FILE PHOTO-People wait for their turn to buy low-priced bun-kabab from a shop in Karachi, Pakistan June 10, 2022. REUTERS/Akhtar Soomro
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Pakistan Set to Receive $20 Billion Loan From World Bank

FILE PHOTO-People wait for their turn to buy low-priced bun-kabab from a shop in Karachi, Pakistan June 10, 2022. REUTERS/Akhtar Soomro
FILE PHOTO-People wait for their turn to buy low-priced bun-kabab from a shop in Karachi, Pakistan June 10, 2022. REUTERS/Akhtar Soomro

Pakistan is set to receive a loan of $20 billion from the World Bank over the next 10 years, aimed at improving the country’s key sectors, sources told Geo News on Saturday.

According to sources in the Ministry of Economic Affairs, the loan will be part of the World Bank's support under the Country Partnership Framework 2025-35, which focuses on sustainable economic development.

The loan is expected to be approved by the WB's Board of Directors on January 14. Once approved, Martin Raiser, the lender's Vice President, is expected to visit Islamabad to discuss the loan program and its implementation.

In addition to the $20 billion, two subsidiary entities of the World Bank will assist Pakistan in securing another $20 billion in private loans.

This would bring the total financial package to $40 billion, which will be allocated towards infrastructure development, climate resilience projects, and improving social services.

Meanwhile, The News newspaper reported that the government, in its bid to achieve an economic revival, has launched the National Economic Transformation Plan which aims to achieve ambitious economic targets, including doubling GDP growth and halving poverty over a five-year period.

The plan envisages attracting $29 billion anticipated investment under the supervision of the Special Investment Facilitation Council (SIFC) including $10 billion from the UAE, $5 billion from Saudi Arabia, $2 billion from Qatar, $2 billion from Azerbaijan, and $10 billion from Kuwait.

Meanwhile, the gross domestic product (GDP) target has been set at 6% of the GDP till the Fiscal Year 2028-29 whereas the per capita income in dollar terms is projected to go up to $2,405 from $1,680.