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FINANCIAL NEWS
Sabic, Sinopec JV commences production
11 May 2010
(MENAFN) Saudi Basic Industries Corporation (Sabic), one of the world’s largest chemical makers, announced that commercial production has begun it the joint-venture petrochemical complex it operates with China’s Sinopec, Reuters reported.
Sabic said in a statement that preproduction operations at the plant in Tianjin, China, began in January. The complex, which has a capacity of 3 million tons per year, was set up as a 50-50 venture with Sinopec in November 2009.
In January, Sabic said it had secured almost $2.7 billion in financing agreements from Chinese banks and institutions for the project.
The project is one of several between China and the oil-rich Gulf Arab nations. The Asian giant has been increasingly turning to the region for oil to fuel its growth.
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