Chinese farmed shrimp heavyweight Zhangiang Guolian Aquatic has terminated a five year memorandum of understanding with the Saudi Arabia Sovereign Wealth Fund.
The agreement, signed last June with the fund's Public Investment Fund (PIF) Asia Division, was aimed at delivering a deal on seafood trading and procurement with funding from PIF worth $560 million (€512 million).
The intended cooperation was based on a four-year-long exclusive agreement between Guolian and the Saudi Arabian National Aquaculture Group (NAQUA) for distribution of Saudi farmed vannamei shrimp in the Chinese market.
