(Yicai Global) Nov. 7 -- China’s state-backed Sinochem Group has announced agreements to buy USD11.3 billion worth of commodities, including crude oil and high-quality fertilizers and high-end chemicals from well-known overseas suppliers such as Saudi Aramco and BHP Billiton.
The Beijing-based conglomerate unveiled deals struck with 17 overseas companies at the China Import Expo in Shanghai today, signing up to import 19 types of commodities, it said in a press release.
These companies come from the US, Mexico, Russia, France, Norway, Australia, Saudi Arabia, Kuwait, Israel, Egypt, Jordan, South Korea, India, Bangladesh, Indonesia, the Philippines, and Taiwan.
All sellers attending the signing ceremony are renowned multinationals, among them Saudi Arabian Oil, Kuwait Petroleum, the Amman, Jordan-based Arab Potash, Mosaic Fertilizers (Hong Kong), Uralkali Trading of Riga, Latvia, New York-headquartered Trammo and BHP Billiton Marketing of Baar, Switzerland.
Sinochem Group has a history stretching back 68 years. Formerly known as China Import, it formed in 1950. It has shouldered the task of importing urgently-needed strategic materials since its inception. Its main business lies in manufacturing and trading chemicals and fertilizer and exploring for and producing oil, public information shows.
In the early days of reform and opening up, Sinochem Group's import businesses involved fossil fuels, fertilizers, plastics, chemicals, agricultural products, food, rubber, metals, instruments and equipment.
Sinochem Group mainly imports raw materials that cannot be made or supplied in China and needed to upgrade domestic industry and raise living standards.
The total import amount of Sinochem Group reached USD211 billion from 2003-2017, among which the respective proportions of fossil fuels, fertilizers and plastics predominating.
The first China International Import Expo started Nov. 5 at Shanghai’s National Convention & Exhibition Center and runs until Nov. 10.