Gulf Oil and Gas accountACCOUNT

Saudi's SABIC Agrees Petrochemicals Project with China's Shenhua

Source: Reuters 5/31/2016, Location: Asia

Share |
Saudi Basic Industries Corp (SABIC), one of the world's largest petrochemicals groups, said on Monday it had signed an agreement with Shenhua Ningxia Coal Industry Group to build a petrochemical complex in China. SABIC said in a statement the joint project would be a "greenfield petrochemical complex" located in the Ningxia Hui Region of China and would help the Saudi company diversify its feedstock sources.

"The joint venture would benefit from its location in Ningxia and utilize locally available coal feedstocks to be supplied by SNCG," SABIC said. The Chinese company is a unit of Shenhua Group Corporation Limited. No financial details or time frame for the project were given. SABIC said the companies would now work on getting approvals from Chinese authorities for the complex.

SABIC said the plans were part of its ongoing strategy to diversify its operations geographically and to seek investments that would open up the company to new markets.

The China-based complex would also help SABIC get its feedstock from a wider variety of sources, it said. "This protects SABIC against the fluctuations and cyclical movements in feedstock price in the international markets, which helps ensure a profitable growth strategy," SABIC Chairman and Chief Executive Yousef al-Benyan said in the statement.

Petrochemicals News in China >>

Azerbaijan >>  2/21/2018 - SOCAR Methanol, a subsidiary of SOCAR, branched out into a new type of product - analytical methanol, kick starting the production of first end consum...
Iran >>  2/21/2018 - Iran is about to launch three major petrochemical projects which will add at least 146,000 tons to the country's annual production capacity. The downs...

Russia >>  2/15/2018 - LUKOIL and the Ministries of Transport and Roads of three regions, Rostov, Krasnodar, Stavropol, signed agreements on bitumen supplies, at the Russian...
Russia >>  2/15/2018 - Valery Golubev, Deputy Chairman of the Gazprom Management Committee, and Dmitry Konov, Chairman of the Management Board of SIBUR Holding, today signed...

Russia >>  2/7/2018 - President of LUKOIL Vagit Alekperov and the Governor of Stavropol Region, Vladimir Vladimirov, visited the company's wholly owned petrochemical factor...
Russia >>  11/28/2014 - The Board of Directors of Gazprom Neft has reviewed information on the progress of the modernisation of the company’s oil refining facilities, and the...

Related Categories: Agents, Anti-foaming  Aromatic Solvents  Butene  Cleaning  Corrosion Inhibiting  Crude Oil  Diesel Fuel  Ethylene  Fluids Drilling, Completion, Workover & Stimulation  Fluids/Chemicals  Fracturing Sand  Fuel oil  Gasoline (Lead free)  General  Grout  Jet fuel  Kerosene. Domestic use  Lubricants, Oils & Greases  Nitrogen  Oil Treating & Refining  Polyethylene  Polyvinyl chloride  Propane  Sand, Sandblast  Summer Diesel  Surfactants 

Related Articles: Aromatic Solvents  Butene  Cleaning  Corrosion Inhibiting  Crude Oil  Diesel Fuel  Ethylene  Fluids Drilling, Completion, Workover & Stimulation  Fluids/Chemicals  Fracturing Sand  Fuel oil  Gasoline (Lead free)  General  Jet fuel  Kerosene. Domestic use  Lubricants, Oils & Greases  Nitrogen  Oil Treating & Refining  Polyethylene  Polyvinyl chloride  Propane  Sand, Sandblast  Surfactants 


China Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 |

More News

 

Oil & Gas Companies in China >>


Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Privacy Policy.