Sabic and Sinopec Agree to Set Up a Joint Venture to Develop a Petrochemical Complex in China

摘要

Saudi Basic Industries Corporation(Sabic)and China Petroleum and Chemical Corporation(Sinopec)have announced the signing of a heads of agreement(HOA)for the formation of a 50:50% joint venture to develop a petrochemical complex in China.The new venture is to invest around 1.7 billion in the construction of an ethylene derivatives complex at Tianjin with a capacity of 600,000 tons/year of polyethylene(PE)and 400,000 tons/year of ethylene glycol(EG).