SABIC gets official nod for joint project with Sinopec

Saudi Basic Industries Corporation (SABIC) has been given an official go-ahead from the Chinese National Development and Reform Commission (NDRC) to participate jointly with China Petroleum & Chemical Corporation (Sinopec) in the Tianjin petrochemical complex currently under construction in Tianjin, China. This approval follows a strategic cooperation agreement signed by both parties on June 21, 2008 in Jeddah, Saudi Arabia. The agreement stated that both parties would enter into a 50/50 joint venture at Tianjin and would study the feasibility of adding a new product (polycarbonates) that uses raw materials produced at the complex that are based on SABIC technology. The complex is expected to be completed in September 2009 with investments around US$3 bln. The complex's overall production capacity is rated at approximately 3.2 mln tons of various petrochemical products, including one mln tons of ethylene and other downstream products such as Polyethylenes, Ethylene Glycol, Polypropylene (PP), Butadiene, Phenol, & Butene-1. This co-participation is is an important one for SABIC since it will significantly boost SABIC's presence in the world's largest petrochemical market, China
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