Aid agencies sound the alarm as Israel's Gaza blockade enters a second month    Asian markets plunge as Trump's global tariff turmoil deepens    Trump's crackdown on university protests is casting a long shadow    Le Pen vows to fight conviction but large-scale protests fail to materialize    Al-Jasser: work is underway to restructure and develop aviation infrastructure    KAU to host Digital Communication Conference in Jeddah from April 29 to May 1    TGA: Riyadh tops with 45% of 290 million orders delivered in 2024    Diriyah to host third IMFC Deputies meeting under Saudi chairmanship    15,135 decisions taken to penalize Saudis and expats for violations    Saudi-European Parliamentary Friendship Committee discusses cooperation during Strasbourg visit    Saudi stock market loses half a trillion riyals, with Aramco's losses amounting to SR340 billion Tariff turmoil rattles Gulf markets    Benzema rescues Al Ittihad with stoppage-time equalizer in thrilling Jeddah Derby    Al Qadsiah and Al Ettifaq share spoils in tense Eastern Derby stalemate    Moussa Diaby praises Al Ittihad's resilience after Jeddah Derby draw "When you can't win, you take a point"    Saudi assistant referee Iman Al Madani joins AFC elite list for 2025    Riyadh Art Week launches with over 50 galleries showcasing global artistic dialogue    Turki Al-Sheikh announces five new Saudi film projects to be produced in Riyadh    Saudi Ministry of Education to showcase innovations at 2025 Geneva International Exhibition    Ed Sheeran weaves Persian music into new song, Azizam    Veteran Bollywood actor Manoj Kumar dies at 87    Screen time in bed linked to insomnia, study finds    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    King Salman prays for peace and stability for Palestinians in Ramadan message King reaffirms Saudi Arabia's commitment to serving the Two Holy Mosques and pilgrims    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



SABIC, Sinopec plan $1 billion China plant
Published in The Saudi Gazette on 18 - 05 - 2011

GUANGZHOU: Saudi Basic Industries Corp (SABIC), the world's largest chemicals producer by market value, said Tuesday that it is planning a $1 billion-plus facility in China with China Petroleum & Chemical Corp (Sinopec) to tap the country's robust demand for plastics.
The project in the eastern port city of Tianjin would have an annual capacity of 260,000 tonnes of polycarbonate and require total investment of more than $1 billion from SABIC's existing 50/50 venture with Sinopec in Tianjin, said SABIC Chief Executive Mohamed Al-Mady.
Polycarbonate is a essential plastic used to produce a variety of consumer products and industrial components including automotive parts and compact discs.
“This is a major step for us to continue our leadership position in China in the plastics area,” Al-Mady told a news conference in the southern Chinese city of Guangzhou. "The project will drive local economic development, satisfy growing demand for polycarbonate in Asia-Pacific and is of significant importance to the Chinese petrochemical industry and local industry in Tianjin."
Petrochemical demand should grow by an annual 20 percent for the next 10 years in China, the world's second-largest economy, he said. SABIC's Tianjin joint venture with Sinopec, which started operation in 2010, produces various petrochemical products, including ethylene, polyethylene, ethylene glycol and polypropylene.
The polycarbonate project, for which a memorandum of understanding had been signed by SABIC and Sinopec, was expected to be operational by 2015, SABIC said.
SABIC, 70 percent owned by the government of Saudi Arabia, makes chemicals, fertilizers, plastics and metals used in paint, rubber, textiles, leather, cleaning products, glass, food and other consumer industries.
SABIC also said it was strengthening its presence in the region by investing in two technology and innovation centers in China and India, both expected to be operational by 2013.
The China center, in Shanghai, would have 550 staff and would also serve as the headquarters for SABIC's Greater China operations, it said.
In January, SABIC said it expected higher sales and profitability this year and throughout 2012 as petrochemical prices return to pre-crisis levels and further output capacity is added.
The company, a yardstick for Dow Chemical Co and Germany's BASF SE, gave the upbeat outlook after broadly meeting analysts forecasts with a 27 percent increase in net profit.


Clic here to read the story from its source.