Saudi SABIC invests $6.4 bln in China petrochemical plant

Saudi Basic Industries Corp. (SABIC) is set to build af 44.8 billion yuan ($6.4 billion)-petrochemicals complex in Fujian, China, solidifying its partnership with the country, according to the company’s statement on Monday.

The implementation of the project is expected to begin during the first half of the year 2024, through Q2 2027.

The complex is expected to be able to produce 1.8 million metric tonnes of ethylene per year, and is designed to expand SABIC’s manufacturing presence in Asia and diversify its feedstock supply chain, the statement added.