On June 18, 2020, Yelopack and Saudi Aramco signed a cooperation agreement in respect of global intelligent packaging. According to the Agreement, Yelopack will provide comprehensive services for Saudi Aramco for its logistics packaging circulation of petroleum, chemicals and downstream manufactured products. Both parties will cooperate in promoting global cyclic utilization of intelligent logistics packaging and intelligent collaboration of such resources as storage and logistics of Saudi Aramco by virtue of RFID and NB-IoT technologies of Yelopack’s intelligent packaging.
Signing of this Agreement not only signifies that Yelopack takes a giant step in operation of intelligent packaging in the Asian-Pacific region, but also re-injects a powerful impetus for the intelligent packaging circulation system built by Yelopack for Sinopec, PetroChina, Huntsman and other domestic and overseas large chemical groups, Owens Corning and other large new material companies.
It is known that Saudi Aramco is an oil company with the largest proved reserves in the world and has the world’s largest onshore oilfield and offshore oilfield. Saudi Aramco was formally listed on Saudi Stock Exchange with market value up to USD 1.88 trillion in December 2019 and its subsidiaries spread over three major energy markets, Asia, Europe and North America.
Yelopack, as one of the earliest enterprises engaged in shared pallet project in China, adopts the latest RFID and NB-IoT technologies for intelligent packaging products. Since products were launched in the petrochemical industry in 2017, they have been widely popularized with high market shares. By May 2020, the annual circulation of Yelopack pallets has reached 400,000 and there have been more than 2,000 enterprise users all over such industries as petroleum, chemical engineering, new energy and FMCG.
Through the cooperation between Yelopack and Saudi Aramco, standardized, intelligent and high-quality shared packaging is introduced to the petrochemical industry cluster of Saudi Arabia, upstream and downstream enterprise users’ need for intelligent packaging circulation and sharing is satisfied, and Yelopack accumulates rich overseas operation experience, which will be of great benefit for Yelopack to build a global intelligent packaging operation system in future.