SABIC and Sinopec to jointly build new PC complex

Under the patronage of Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz, and in the presence of China Prime Minister Wen Jiabao, the Saudi Basic Industries Corporation (SABIC) and the China Petroleum and Chemical Corporation (Sinopec) signed a Protocol of Cooperation in Riyadh to explore new business opportunities and confirm their commitment to the principles reached in earlier agreements, including one on polycarbonate collaboration which has been approved by China’s National Development and Reform Commission (NDRC). The Protocol of Cooperation was signed by Prince Saud bin Abdullah bin Thenayan Al-Saud, Chairman of SABIC and the Royal Commission for Jubail and Yanbu, and Fu Chengyu, Chairman of the Sinopec Group and the Sinopec Corporation. Mohamed Al-Mady, SABIC Vice Chairman and CEO, was also present at the signing ceremony. The Protocol sets the foundation for a joint investment from both SABIC and Sinopec to build the new polycarbonate production complex with an annual capacity of 260 kilometric tonnes. The new facility will be located at the Sinopec SABIC Tianjin Petrochemical Company (SSTPC) in Tianjin, China.

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