SABIC venture signs deal for SSTPC project in China
Sinopec-SABIC Tianjin Petrochemical Company (SSTPC) has announced that it has signed a $ 1.8 bn long-term financing
agreement with a group of Chinese banks for their Tianjin petrochemical complex in China.
The joint venture also said that an additional $ 880 mm was raised as a cover of the required operating capital in
order for the same project.
The list of banks includes China Construction Bank as agent, Industrial and Commercial Bank of China as financial
advisor, China bank, China Development Bank, The Agricultural Bank of China, and Sinopec Financial.
Sinopec and SABIC announced earlier that they started commissioning the 1 mm tpy (m tpy) ethane cracker of the
project, which has a capacity of 3.2 mm tpy, and established Sinopec-SABIC Tianjin Petrochemical company (SSTPC) last
November to operate the project.
