SABIC makes investment decision for 6.4-bln-USD petrochemical complex in SE China

Updated: January 23, 2024 Source: Xinhua News Agency
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RIYADH, Jan. 22 (Xinhua) -- The Saudi Basic Industries Corporation (SABIC) has made a final investment decision on a petrochemical complex in southeastern China's Fujian province, the Saudi Press Agency (SPA) reported on Monday.

The project, with an investment of 6.4 billion U.S. dollars, is expected to produce 1.8 million tonnes of ethylene annually. It will also accommodate a range of manufacturing facilities for ethylene glycol, polyethylene, polypropylene, and polycarbonate, among others, the SPA added.

SABIC Fujian Petrochemical Company Limited, a joint venture that is based on a 51 to 49 percent equity split between SABIC Industrial Investments, a subsidiary wholly owned by SABIC, and China's Fujian Petrochemical Company Limited, has decided to start the establishment of the project in Gulei of Fujian Province.

The construction of the project is expected to be completed by 2026, according to the report.

Editor: Yu Huichen