Saudi Basic Industries Corp. (2010.SA), or Sabic, the Middle East's largest listed company, said Tuesday its joint venture with China Petrochemical and Chemical Corp. (SNP), or Sinopec Group, to build a new polycarbonate plant at its petrochemical complex in Tianjin city will cost $1.7 billion.
Saudi Basic Industries Corp. (2010.SA), or Sabic, the
Middle
East
's largest listed company, said Tuesday its joint venture with China
Petrochemical and Chemical Corp. (SNP), or Sinopec Group, to build a new
polycarbonate plant at its petrochemical complex in
Tianjin
city
will cost $1.7 billion.
The new polycarbonate production complex with an annual production capacity of
260,000 metric tons will be located at the Sinopec Sabic Tianjin Petrochemical
Co., or SSTPC, complex in northern
China
's
Tianjin
city,
Sabic said in an emailed statement.
Sabic, which revealed the plan first in May last year, said the plant will be
operational by 2015 and construction will start immediately.
Polycarbonate is a key plastic used for producing components for automotive
parts and a variety of consumer products.
When the plant is fully operational, Sabic will become one of the world's
largest producers of polycarbonate, significantly boosting Sabic's market
share, the firm has said. The joint venture, which covers marketing, allows
Sabic to supply polycarbonate as feedstock to the company's other plants in
China
and
the Pacific region.
Petrochemical makers such as Sabic are boosting their exports to and
investments in
Asia
, notably
China
, to
meet rapidly rising demand for chemicals and plastics used in the production of
industrial and consumer products.
The Sabic-Sinopec deal came at the end of Chinese Premier Wen Jiabao's first
trip to
Saudi Arabia
as
part of a six-day tour to the
Middle East
.
Sinopec Saturday separately signed an agreement with state giant Saudi Arabian
Oil Co., or Aramco, to develop a 400,000-barrel-a-day oil refinery at Yanbu, on
the Saudi Red Sea coast
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