SABIC and SINOPEC sign strategic cooperation agreement

Source: www.gulfoilandgas.com 6/21/2008, Location: Asia

Saudi Basic Industries Corporation (SABIC) and China Petrochemical Corporation (SINOPEC) signed today (Saturday, June 21, 2008) a strategic cooperation agreement to expand the scope of partnership at Tianjin industrial complex, China, currently under construction.

The agreement signed during the visit of Chinese Vice President Xi Jinping is designed to expand the heads of agreement (HOA) signed by the two companies on Jan 31, 2008, whereby SABIC will have 50% of the Tianjin complex joint venture together with a feasibility for adding a new product (polycarbonates) by using raw materials produced at the complex based on SABIC Innovative Plastics technology.

The agreement also called for joint work in other future projects in China depending on each party capabilities in addition to cooperation in certain areas such as engineering services, project implementation, R&T, product marketing, and material procurement.

Prince Saud bin Abdullah bin Thenayan Al-Saud, Chairman of the Royal Commission for Jubail and Yanbu, SABIC Board Chairman signed for SABIC while Su Shulin, SINOPEC Board Chairman signed for his company.

The complex is expected to be completed in September 2009 with investments exceeding $2.5 billion. The overall production capacity of the complex will be approximately 4 million tons of different petrochemical products including 1.2 million tons of ethylene and other products such as poly propylene (PP), butadiene, phenol, and butene-1.


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