Saudi Basic Industries Corporation (Sabic) and China’s Sinopec have signed a protocol of cooperation (PoC) that will involve the companies make joint investments in projects in the future.
The first project to be executed under the PoC will be the 260,000 tonne-a-year (t/y) polycarbonate production complex at Tianjin in China.
The plant is due to be completed in 2015 and will make Sabic one of the world’s largest producers of polycarbonate.
Polycarbonate is used for a variety of consumer goods in several sectors including automotive, home appliance and medical supplies.
Speaking at a recent signing ceremony in Saudi Arabia, Sabic chairman Prince Saud bin Al-Saud called for greater integration between Saudi Arabia and China, especially in the petrochemicals, engineering and construction sectors.
“Sabic and Sinopec’s aspirations are now focused on establishing long-term strategic cooperation that contributes towards enriching Saudi Arabia’s and China’s economies in the areas of scientific research, technology and innovation, engineering and product marketing,” said Prince Saud.
China is Sabic’s fastest-growing market. The chemicals giant will have a capacity of 3 million t/y of various products when the polycarbonate plant is completed.