Riyadh – Mubasher: Saudi oil minister Khalid Al Falih on Tuesday signed two agreements during the first day of the Future Investment Initiative (FII).

The minister inked the first agreement with Chinese firm Panasia to establish a petrochemicals complex in Jazan.

“The agreement is targeted at development Saudi Arabia’s industrial sector within the framework of the National Industrial Development and Logistics Program,” the Saudi Ministry of Energy, Industry and Mineral Resources tweeted.

The mega event witnessed the signing of $50 billion deals, of which $34 billion were signed by Saudi Aramco.

Also during FII, the Saudi minister signed a memorandum of understanding (MoU) with Trafigura CEO Jeremy Weir and Modern Mining Company CEO Abdel-Aziz Al-Hamwah to establish a smelter.

The smelter, which will produce copper, zinc, and lead, will support the kingdom’s mining sector, the ministry said.

Trafigura is one of the world's leading independent commodity trading and logistics houses.

The values of the two deals signed by Al-Falih were not disclosed.

During FII, Al-Falih said that the kingdom was set to continue working on its energy sector transformation as well as its economic diversification plans.

The FII is organised by the Saudi Public Investment Fund (PIF) and runs from 23 until 25 October 2018.