Saudi Basic Industries Corporation (SABIC) and China Petroleum & Chemical Corporation (Sinopec) have signed an agreement to invest US$1 bln in a 1 mln tpa ethylene project at Tianjin. 50% of the investment in the project will be contributed by SABIC. Construction for the project, that awaited approvals from Chinese authorities, had commenced in 2006. Sinopec’s investment outlay towards the project that includes a 240,000 bpd refining plant will total to US$3.1 bln. Feedstock naphtha for the ethylene plant will be procured from the Tianjin project.