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FINANCIAL NEWS
Saudi- SABIC to expand footprint in China
26 Nov 2012
(MENAFN) Saudi Basic Industries Corporation’s (SABIC) vice chairman and CEO, Mohamed Al-Mady, stated that the company plans to expand its footprint in China where it has a joint venture with Sinopec, reported Arab News.
Al-Mady said that SABIC has completed a part of future plans for the SABIC Sinopec complex, adding that the first phase projects concentrated on the production of ethylene with an output capacity of 1 million metric tons per year.
He noted that construction works began at the USD1.7-billion polycarbonate plant, which represents the second phase of the company’s expansion plan.
The CEO added that the plant will have a yearly output capacity of 260 thousand tons and is forecasted to be finished by 2015.
It is worth noting that the products of the project meet the needs of the petrochemical market in the Asia-Pacific region, according to SABIC.
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