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SABIC signs MOU to build petrochemical complex in China

September 13/2018

MOSCOW (MRC) - Saudi Basic Industries Corp (SABIC)  signed a memorandum of understanding (MOU) with Chinaís Fujian provincial government to build a petrochemical complex, as per Reuters.

SABIC is the third company to announce a large chemical investment in China over the past two months.

SABIC did not give any details of the investment or a timeline in a brief release, saying this is part of the firmís strategy to diversify its operations and strengthening its position in the worldís top petrochemicals market.

The deal comes as U.S. oil major Exxon Mobil and Germanyís BASF have separately announced plans to build ethylene complexes in southern Chinaís Guangdong province, part of the countryís massive petrochemical building boom.

SABIC is already a partner with Chinese state oil and gas firm Sinopec Corp in an ethylene plant owned by Sinopecís Tianjin Petrochemical Corp.

In Fujian on the east coast, Sinopec operates a joint-venture refining, petrochemical complex in city of Quanzhou in partnership with Saudi Arabian state oil and gas firm Saudi Aramco and Exxon Mobil.

The Chinese major is also building a separate ethylene plant in Gulei, in the same province.
Author:Anna Larionova
Tags:petroleum products, petrochemistry, Crude oil, Sabic, Saudi Arabia.
Category:General News
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