Saudi Arabian petrochemical giant SABIC has signed a five-year strategic R&D partnership agreement with the Chinese Academy of Sciences (CAS), the leading public research and education institution in the People's Republic.

The Saudi company said the strategic collaboration agreement will help it further its research, intellectual exchange and talent development. China is SABIC's fastest-growing market.

Under the plans, SABIC will make a multi-million dollar investment for joint research in the chemical and chemical engineering fields aimed at developing advanced technologies and solutions, which it can bring to market.

Along with research collaborations, the two sides will jointly sponsor an annual scientific forum of chemistry and chemical engineering. An annual SABIC-CAS scholarship for Chinese students is also planned.

The first two-day scientific forum started Sept. 14 at the Dalian Institute of Chemical Physics (DICP). It will seek to stablish the focus of collaborative scientific efforts between SABIC and CAS.

Talking points are applying innovation and sustainability principles to expand the utility of feedstock, harness the potential of nanotechnology and explore advancements in composite materials.

"As the growth engine for SABIC in Asia, we continually explore new areas of transformation for China, in China, and with China," said CEO Mohamed Al-Mady. "We are supporting reform by providing customers and markets with the solutions they need as China progresses along its unique path of development."