Sabic / Sinopec: Joint Venture in China
China Petroleum and Chemical Corporation (Sinopec Corp.), Beijing, China and Saudi Basic Industries Corporation (Sabic), Riyadh, Saudi Arabia, signed a Heads of Agreement toward forming a joint venture company in Tianjin, China.
This 50:50 equal share joint venture company will invest in a 1 million t/a of ethylene derivatives complex (600,000 t/a of polyethylene and 400,000 t/a of ethylene glycol) that will receive all its ethylene feedstock from an ethylene cracker owned by Tianjin Petrochemical Company, a branch of Sinopec Corp. The total investment will be around USD 1,7 billion, with the complex scheduled to be completed by September 2009.
Sabic already has a strong relationship with Sinopec Corp. and Chinese engineers from Sinopec are currently helping to construct a world-scale polyolefins complex for Sabic affiliate Yanbu National Petrochemicals Company in Yanbu, Saudi Arabia.
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