SABIC, Aramco sign China marketing accord
12 July 2008 20:32 [Source: ICIS news]
HOUSTON (ICIS news)--Saudi Basic Industries Corp (SABIC) will market the polyolefin products made by Saudi Aramco’s Fujian joint venture (JV) in China under an agreement announced on Saturday.
SABIC’s
Saudi Aramco holds a 25% stake in the JV with Sinopec
The project will have a production capacity 400,000 tonnes year of linear low density polyethylene (LLDPE), 400,000 tonnes of high density PE (HDPE), and 470,000 tonnes of polypropylene (PP), the companies said.
Saudi Aramco’s share to be marketed by SABIC will amount to 320,000 tonnes/year.
The marketing agreement is expected to start with the commercial start-up of the project in the second quarter of 2009, the companies said.
The project is “considered to be the first ever refining and petrochemical industries integrated project to be established with a foreign company in China, and here we are today ready to harvest the fruit of this new investment with our partners”, said Saudi Aramco president and CEO Abdallah Jum'ah.
The companies said they reached the marketing agreement after studies showed that the distribution and marketing of the polyolefins made by the JV would cover a large base of customers inside
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By: Brian Ford
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