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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