Sabic Plans Joint Venture with Shenhua Ningxia Coal Industry Group
Sabic has signed a Project Development Agreement (PDA) with Shenhua Ningxia Coal Industry Group Co. Ltd. (SNCG), a subsidiary of Shenhua Group Corporation Limited, to be effective by May 30, 2016. The PDA relates to the two parties’ potential joint development of a greenfield petrochemical complex to be located in the Ningxia Hui Region of China. The parties would proceed with further actions to implement the project in the event of a positive final investment decision and subject to obtaining all necessary governmental approvals.
This project is part of Sabic’s ongoing strategy to geographically diversify its operations and to seek future investment opportunities that opens doors to new markets. The PDA provides a basis for the parties to conduct a joint feasibility study on the project, within three years starting from the date when the agreement became effective. Sabic will announce further details in due course.
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