Saudi Basic Industries Corporation (SABIC) announced today that it has received an official approval from the Chinese National Development and Reform Commission (NDRC) to participate jointly with China Petroleum & Chemical Corporation (SINOPEC) in the Tianjin petrochemical complex currently under construction in Tianjin, China, said Othman Al-Humaidi, SABIC's General Manager, Corporate Communications. This approval follows a strategic cooperation agreement signed by both parties on June 21, 2008 in Jeddah, Saudi Arabia. The agreement stated that both parties would enter into a 50/50 joint venture at Tianjin and would study the feasibility of adding a new product (polycarbonates) that uses raw materials produced at the complex that are based on SABIC technology, he added. --MORE
