The agreement was signed by the director general of KFIP Hamoud ibn Abdou Al-Saeedi and the deputy executive chairman of SABIC for legal affairs and auditing Hamoud ibn Abdullah Al-Tuwaijri.

Chairman of SPA Abdul Aziz ibn Muhammad Al-Tuwaijri, who attended the signing ceremony, said under the agreement, Imdad company will set up warehouses and giant tanks to store the solid and liquid petrochemicals produced by SABIC until they are exported to the outside world through the seaport by containers.

He said the signing of the agreement was a further proof of the concern of SPA to boost industrial exports and to provide sites for their logistical services .

The chairman said the rented area is of special significance to SABIC as it is close to its product sites. "This new area will make it easy for SABIC to handle its petrochemical products," he added.

Al-Saeedi said King Fahd industrial and commercial ports were being continuously developed through building facilities and equipment to upgrade their performance.

Nor the amount of the agreement or the financial returns for SABIC were made public.