Saudi Basic Industries Corporation (SABIC) and China Petroleum and Chemical Corporation (SINOPEC) started here today commercial production at the newly constructed petrochemical complex in Tianjin, China. The two companies formed SINOPEC-SABIC Tianjin Petrochemical Company (SSTPC) in November 2009, as a 50/50 joint venture to build and operate the new 3 million tons per year petrochemical complex. Pre-production operations at the plant began in January of this year. A special celebration of the new production coming on-stream at the complex was held in the presence of Prince Saud bin Abdullah bin Thenayan Al Saud, Chairman of Royal Commission for Jubail and Yanbu and Chairman of SABIC and Saudi Ambassador to China Eng. Yahya bin Abdulkarim Al-Zaid, and a number of Chinese officials. Addressing the ceremony, the Prince expressed his thanks to and appreciation of the Government of the Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz Al Saud for its unlimited support and care for Saudi-Chinese investment based on close relations between the Governments of the two countries, and on mutual respect and keenness on ensuring mutual benefits for the two countries, and for the progress of the global economy. He praised the ever-growing economic relations between Saudi Arabia and China, saying that both countries have been experiencing high growth rates and have proven their ability to withstand the global financial crisis. The Prince also commended close relations between SABIC and SINOPEC and noted that the new joint venture would enhance the competitiveness of both companies in the global market and create the potential for more such projects, noting that the joint venture strengthens SABIC's presence in the strategic Asian market.
