Sabic & Sinopec to JV for ethylene refinery in China
25 Jan '06
1 min read
Saudi Basic Industries Corp (Sabic) plans to discuss with Sinopec the details of the joint-venture to set up ethylene complex in China.
Sabic, the largest capitalised company on the Saudi bourse is 70 percent-owned by the Saudi government and 30 percent by private investors in Saudi Arabia and other countries of the Gulf Cooperation Council.
This deal was boosted by the Saudi King Abdullah's visit to Beijing.
Beijing approved the Sinopec's US $3.1 billion project in December 2005 that included the ethylene plant to be operational by 2008.
This plant in Northern China's Tianjin city will produce one million tons of ethylene per year.
Sinopec Corp. is one of the largest integrated energy and chemical companies in China.
It is China's largest producer and distributor of oil products and No.1 producer and supplier of major petrochemical products like petrochemical intermediates, synthetic resin, synthetic fiber monomers and polymers, and synthetic fiber as well as the second largest crude oil producer.
Saudi Arabia is the world's largest oil producer while China is the world's second-biggest oil consumer.
marketing@alchempro.com
