The Saudi Arabian General Investment Authority (SAGIA) announced a number of new petrochemical investments worth more than $2 billion, according to Zawya.

The agreements were announced at Invest Saudi at Riyadh, where more than 80 governmental and private-sector representatives gathered.

A memorandum of understanding (MoU) was inked at the meeting between the Saudi government and German chemical company, BASF, aimed at bolstering opportunities in Saudi Arabia.

SAGIA and global leader SNF signed another MoU to establish a polyacrylamide plant with a capacity of 50,000 tons per annum in the Eastern Province city of Jubail.

An MoU was also inked between the Saudi government and Japanese firm Mitsui & Co., for an ammonia commercial production project in Jubail with an estimated capacity of 1 million tons per year.

The last MoU was signed between SAGIA and Shell to evaluate and upgrade the manufacturing facility in Jubail Industrial City.

Speaking at the meeting, SAGIA’s Governor Ibrahim Al-Omar, said: “This meeting and the MoUs that have been exchanged, reflect our increasing focus on promoting opportunities and facilitating international partnerships to drive the growth of this strategic sector.”