Saudi Basic Industries Corporation (SABIC) has signed an agreement to build a petrochemical complex in China at an investment of $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, a statement said.
The project will include a mixed-feed steam cracker, numerous downstream facilities, and several by-product units, it added. It will also boast an ethylene capacity of 1.5 million MT per year, senior company officials said, after signing the online agreement.
The statement outlined that the scope of work includes a series of downstream production units, including an ethylene glycol (MEG) unit, two sets of polyethylene (PE) units, two polypropylene (PP) units, and other production units.
