China's Pan-Asia Pet Resin, a polyethylene terephthalate bottle supplier, has launched a project within Saudi Arabia’s Jazan City for Primary and Downstream Industries.
The $1bn (SAR4bn) development was announced at Future Investment Initiative, held in Saudi Arabia last year, and is the first Chinese project within the Saudi Arabian industrial hub.
More than 570 jobs will be created through the project of the Chinese company, which has long-term partnerships with beverage producers such as Coca Cola, Pepsi, Master Kong, and Watson’s.
Pan-Asia’s project is being implemented as part of the agreements signed between Saudi Arabia and China under the umbrella of Vision 2030 and the Belt and Road Initiative, according to the kingdom’s state-owned press agency, SPA.
An Arabic-language report by SPA stated that the facility would produce 1.25 million tons of purified terephthalate acid each year, in addition to 500,000 tons of DDT Pet, with product launch expected in 2020.
According to its website, Pan-Asia Pet Resin is a subsidiary of the Singapore-listed Full Apex Holdings.
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