04 November 2009 01:59 [Source: ICIS news]
SHANGHAI (ICIS news)--A new petrochemical complex by a joint venture of Saudi Basic Industries Corp (SABIC) and state-owned Sinopec in China will be ready to begin production by the first quarter of next year, the companies said in a statement late on Tuesday.
Built at a total cost of CNY18.3bn ($2.7bn), the complex in northern ?xml:namespace>
The complex includes a
“We have developed great synergy between the two companies based on our shared goal of providing high quality petrochemical products to the domestic Chinese market. This project will benefit us both greatly,” said SABIC’s Chairman, Prince Saud Bin Thenayan Al Saud.
“The joint-venture ethylene project in
The two companies formed SINOPEC SABIC Tianjin Petrochemical Co., Ltd, last year as a 50/50 joint-venture to build and operate the new complex.
($1 = CNY6.83)
Dolly Wu contributed to this article
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