The latest development is considered as "the best possible leveraging of the investment Sabic is making."
Sabic ranks among the world's top petrochemical companies, and is a global market leader in the production of polyethylene, polypropylene, advanced thermoplastics, glycols, methanol and fertilizers.
Sabic earlier this year signed a cooperation agreement with Sinopec of China to explore new business. Sabic currently has plants in Shanghai and Guangzhou, and is building a USD2.7 billion joint venture facility in Tianjin with Sinopec, as well as a compounding plant in Chongqing.