Saudi Basic Industries has confirmed that it is in talks with China's Sinopec for a petrochemical plant deal worth more than $1billion. Earlier this Sabic was reported to resume negotiations with Sinopec Corp. to build a major ethylene complex in China.
SABIC is one of the world's 10 largest petrochemical companies and has been looking at investing in China's fast-expanding petrochemical sector for years. Last year Beijing gave Sinopec, China's top refiner and petrochemicals producer, approval to build a US$3.1 billion project that included an ethylene plant and a 250,000 barrel-per-day refinery in the northern city of Tianjin by 2008
24-May-06 
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