Saudi SABIC, Chinese Sinopec plan to expand their cooperationJuly 4th, 2008 - 8:55 am ICT by ANI
Nicosia, July 3 (ANI): Saudi Basic Industries Corporation (SABIC) and China Petroleum and Chemical Corporation (Sinopec) are reportedly planning to expand their cooperation in an ethylene derivatives complex in the northern Chinese port of Tianjin.
SABIC may raise its investment in the project to four billion dollars, instead of 1.7 billion dollars initially agreed between the two firms last January.
Saudi Basic Industries Corp, which is one of the biggest petrochemical companies in the world, wishes to gain a solid foothold in the fast growing Chinese petrochemical sector.
The project is considered an important component in the corporate strategy of the giant Saudi company to expand in China which imports half the petrochemicals its booming economy needs. SABIC already has a strong relationship with Sinopec Corp. and Chinese engineers from Sinopec Corp. are currently helping to construct a world-scale polyolefins complex for SABIC affiliate Yanbu National Petrochemicals Company in Yanbu, Saudi Arabia
Ethylene is the basic building-block for petrochemical products ranging from plastics to paints and synthetic fabrics. (ANI)
- Chinese firm to buy Canadian energy company - Oct 10, 2011
- China gets big foothold in Canadian oil sector - May 14, 2010
- Cabinet nod for petrochemical region in Tamil Nadu - Jul 04, 2012
- China to host petroleum meet - Jul 18, 2012
- Indian IT firms ramping up efforts to establish themselves in China - Jan 17, 2011
- Thousands of jobs await Indians in Gulf: NRI industrialist - Apr 04, 2010
- Brazilian oil giant to invest $11 bn in Mexico - Aug 01, 2011
- China unveils list of top 500 companies - Sep 04, 2011
- Chinese firm terminates six overseas projects - Aug 22, 2011
- Chinese environment reviews on polluting industries are of 'low quality' - Jul 03, 2010
- Saudi Basic Industries reports record profit for first half of 2008 - Jul 30, 2008
- Three Gorges to buy stake in Portuguese firm - Dec 24, 2011
- Chinese-Spanish venture makes oil find in Brazil - Feb 28, 2012
- Indonesia, China reach $17 billion cooperation deals - Mar 24, 2012
- Iran needs 200 billion dollars investments for oil and gas projects - May 16, 2009
Tags: billion dollars, china petroleum and chemical, china petroleum and chemical corporation, china petroleum and chemical corporation sinopec, chinese engineers, chinese port, corporate strategy, derivatives, ethylene, foothold, petrochemical companies, petrochemical products, petrochemicals, sabic, saudi basic industries corporation, saudi company, sinopec, sinopec corp, synthetic fabrics, yanbu saudi arabia