Saudi International Petrochemical Co (Sipchem) has signed a deal with King Fahd University of Petroleum and Minerals (KFUPM) to support scientific and industrial research, applications of petrochemical products and manufacturing industries, according to a report.

The agreement focuses on supporting scientific and industrial research conducted at the university, said the Arab News report.

It will help in turning theoretical research into products that can be used commercially to produce new technologies that have commercial potential, 'commercialisation of technology,’ it said.

"This agreement would allow the university to develop potential commercial technologies through the investment committee,” Khaled Al-Sultan, KFUPM rector, was quoted as saying.

A committee, composed of representatives of the university, Dhahran Techno Valley Co and local private companies, is reviewing the selected projects and approving them, he said.

"The projects' success in finding new commercial technologies will create new job opportunities for Saudis, benefit local manufacturers who use polymers as a feedstock as well as provide a clean and safe environment," added Ahmed bin Abdulaziz Al-Aohali, Sipchem’s chief executive officer.