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FINANCIAL NEWS
Saudi SABIC, Sinopec sign agreement to boost petchem investments
17 Jan 2012
(MENAFN) The Saudi Basic Industries Corporation’s (SABIC) Vice Chairman and CEO, Mohamed Al-Mady, said that the firm inked a protocol of cooperation with China Petroleum and Chemical Corporation (Sinopec) to boost new investments in the petrochemical sector, reported Arab News.
Al-Mady added that the two firms would establish a new polycarbonate production complex, which would be located at the Sinopec SABIC Tianjin Petrochemical Company (SSTPC) in Tianjin, China, with an estimated capacity of 260 kilo metric tons per year.
He also said that the new polycarbonate output would be expected to meet growing demand in North East Asia, including China, adding that fulfilling that demand would be necessary for producing petrochemical materials from China’s manufacturing industries.
It is worth noting that polycarbonate is used for producing components for a wide array of consumer, industrial and commercial products, including automotive parts, household wares ad medical supplies.
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