Sabic signs deal for petrochem complex in China

May 31, 2016 12:00 AM

Saudi Basic Industries Corp. (Sabic) said on Tuesday it has signed an agreement with Shenhua Ningxia Coal Industry Group (SNCG) to build a greenfield petrochemical complex in north-central China.

The joint venture would benefit from its location in the coal-rich Ningxia Hui Region and utilise locally available coal feedstocks to be supplied by SNCG, Sabic said in a statement.

The companies are yet to obtain the necessary approvals from the Chinese government and conduct a joint feasibility study on the project, which could take up to three years.

Sabic said the project is part of its ongoing strategy to geographically diversify its operations and seek future investment opportunities that open doors to new markets.

Sabic's Vice Chairman & CEO, Yousef Al-Benyan, said: "This project reflects our enthusiasm to diversify our sources of feedstock, paving the way for further investment opportunities that depend on different and untraditional sources of feedstock.

"This protects SABIC against the fluctuations and cyclical movements in feedstock price in the international markets, which helps ensure a profitable growth strategy," he added.

Alexander's Commentary

Change of face - change of phase

In the period of July 20 till August 3, 2015, Alexander will be out of the office and the site will not or only irreg

read more ...
« April 2021 »
April
MoTuWeThFrSaSu
1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30

Register to announce Your Event

View All Events