China Petroleum and Chemical Corporation (Sinopec Corp.) and Saudi Basic Industries Corporation (SABIC) yesterday signed in Beijing a Heads of Agreement (HOA) towards forming a joint venture company, according to a statement carried by SABIC website. This 50:50 equal share joint venture company will invest in a 1 million metric ton per year of ethylene derivatives complex (600,000 metric tons of polyethylene and 400,000 metric tons of Ethylene Glycol) to be set up in Tianjin that will receive all its ethylene feedstock from an ethylene cracker owned by Tianjin Petrochemical Company, a branch of Sinopec Corp. The total investment will be around US$1.7 billion, with the complex scheduled to be completed by September 2009. The Heads of Agreement was signed at a ceremony in the Chinese capital by SABIC Chairman Prince Saud bin Abdullah bin Thenayan Al-Saud, and Sinopec Corp. Chairman Su Shulin. -- More
