Saudi Basic Industries Corporation (SABIC) announced that it intends to build a petrochemical plant in Fujian Province, southeastern China, to strengthen relations between Riyadh and Beijing.
The company said in a statement, “The complex is capable of producing 1.8 million metric tons of ethylene annually, and aims to strengthen SABIC’s presence in the petrochemical industry in Asia as a major market across a wide range of products.”
The statement indicated that construction of the complex is expected to begin in the first quarter of this year, and will be completed in the first quarter of 2027, and its cost will reach about $6.4 million.
The project comes within joint cooperation with the state-owned Fujian Fuhua Guli Petrochemical Company in China.
The joint project between Saudi Arabia and China was first proposed in 2018, and is the latest in a series of partnerships between Saudi companies and Chinese refineries.
Early this month, the Chinese refining company Rong Sheng Petrochemical Company, which is controlled by the private sector, and Saudi Aramco announced that they were in talks to acquire a 50 percent stake in their respective refineries in China and Saudi Arabia.
2024-01-22 17:25:01
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