SABIC receives Chinese government approval for joint project with Sinopec

Saudi Basic Industries Corporation (SABIC) has received official approval from the Chinese National Development and Reform Commission (NDRC) to participate in a 50:50 joint venture 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 partners on June 21, 2008 in Jeddah, Saudi Arabia to study the feasibility of adding a new product (polycarbonate) that uses raw materials produced at the complex and based on SABIC technology. Investment outlay of over US$3bln is expected in the complex, scheduled for completion in September 2009. Capacity will include 3.2 mln tons of various petrochemical products, including I mln tons of ethylene and other downstream products such as polyethylenes, ethylene glycol, polypropylene (PP), butadiene, phenol and butene-1.
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