Saudi Basic Industries Corporation (Sabic) has signed an agreement to build a petrochemical complex in China at an investment of RMB40 billion ($6.15 billion) in a joint venture with Fujian Petrochemical Industrial Group.
The two companies will set up a 51:49 joint venture after receiving approval from the relevant Chinese government authorities.
The project will include a mixed feed steam cracker, numerous downstream facilities and several by-product units. It will boast a ethylene capacity of 1.5 million MT per year, senior company officials said after signing the online agreement.
The scope of work includes a series of downstream production units, including an ethylene glycol (MEG) unit, two sets of polyethylene (PE) unit, two of polypropylene (PP) units, a polycarbonate and other production units.
Source: Zawya