SABIC and Sinopec to explore new business opportunities

Prince Saud bin Abdullah bin Thenayan Al-Saud, Chairman, SABIC.

RIYADH, SAUDI ARABIA: Saudi Basic Industries Corporation (SABIC) and the China Petroleum and Chemical Corporation (Sinopec) signed a protocol of cooperation in Riyadh to explore new business opportunities and confirm their commitment to the principles reached in earlier agreements, including one on polycarbonate collaboration which has been approved by China’s National Development and Reform Commission (NDRC). The protocol sets the foundation for a joint investment from both SABIC and Sinopec to build the new polycarbonate production complex with an annual capacity of 260 kilo metric tonne.

The new facility will be located at the Sinopec SABIC Tianjin Petrochemical Company in Tianjin, China. The plant is expected to get fully operational by 2015. “SABIC and Sinopec’s aspirations are now focused on establishing long-term strategic cooperation that contributes towards enriching Saudi Arabia’s and China’s economies in the areas of scientific research, technology and innovation, engineering and product marketing,” said Prince Saud bin Abdullah bin Thenayan Al-Saud, Chairman, SABIC.

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