The agreement signed during the visit of Chinese Vice President Xi Jinping is designed to expand the heads of agreement (HOA) signed by the two companies on Jan 31, 2008, whereby SABIC will have 50% of the Tianjin complex joint venture together with a feasibility for adding a new product (polycarbonates) by using raw materials produced at the complex based on SABIC Innovative Plastics technology.
The agreement also called for joint work in other future projects in China depending on each party capabilities in addition to cooperation in certain areas such as engineering services, project implementation, R&T, product marketing, and material procurement.
Prince Saud bin Abdullah bin Thenayan Al-Saud, Chairman of the Royal Commission for Jubail and Yanbu, SABIC Board Chairman signed for SABIC while Su Shulin, SINOPEC Board Chairman signed for his company.
The complex is expected to be completed in September 2009 with investments exceeding $2.5bn. The overall production capacity of the complex will be approximately 4 million tons of different petrochemical products including 1.2 million tons of ethylene and other products such as poly propylene (PP), butadiene, phenol, and butene-1.
China is the biggest world petrochemical market in light of high growth rates realized by the Chinese economy. SABIC plans to set up a manufacturing center in China to boost its presence in Asia where China represents the biggest market in the Asian continent. This ensures that SABIC is as close as possible to its customers through its products and services. This move follows SABIC's ambition to realize its vision "To be the preferred world leader in chemicals."
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SABIC and SINOPEC sign strategic cooperation agreement to expand Tianjin industrial complex
- Saudi Arabia: Sunday, June 22 - 2008 at 10:07
- PRESS RELEASE
Saudi Basic Industries Corporation (SABIC) and China Petrochemical Corporation (SINOPEC) signed on June 21, 2008 in Jeddah, a strategic cooperation agreement to expand the scope of partnership at Tianjin industrial complex, China, currently under construction.
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About SABIC:Saudi Basic Industries Corporation (SABIC) is one of the world's 10 largest petrochemicals manufacturers. The company is among the world's market leaders in the production of polyethylene, polypropylene and other advanced thermoplastics, glycols, methanol and fertilizers.
SABIC's profit rose to a record SR27bn ($7.2bn) in 2007, a 33% increase over 2006. Sales revenues for 2007 totalled SR126.2bn ($33.7bn), the highest revenues achieved by the company since its inception. Total assets stood at SR256bn ($68.3bn) at the end of 2007.
SABIC operates six interlinked strategic business units: Basic Chemicals, Intermediates, Specialty Products, Polymers, Fertilizers and Metals. In 2007 SABIC Innovative Plastics was launched as a global manufacturer and supplier of highly engineered thermoplastics. SABIC has significant research resources and has 16 dedicated Research and Technology and application centers in the Middle East, the Americas, Europe and Asia-Pacific. The company operates in more than 40 countries across the world with over 31,000 employees worldwide.
In Saudi Arabia, the company has 20 world-scale complexes and 19 of them are located in the industrial cities of Al-Jubail and Yanbu. Some of these complexes are operated with multi-national joint venture partners such as ExxonMobil, Shell and Mitsubishi Chemicals. Elsewhere, SABIC manufactures on a global scale in more than 45 countries in the Americas, Europe and Asia Pacific. SABIC's overall production has increased from 27 million metric tons in 2001 to 55 million metric tons in 2007.
Headquartered in Riyadh, SABIC was founded in 1976 when the Saudi Arabian Government decided to use the hydrocarbon gases associated with its oil production as the principal feedstock for production of chemicals, polymers and fertilizers. The Saudi Arabian Government owns 70 percent of SABIC shares with the remaining 30 percent held by private investors in Saudi Arabia and other Gulf Cooperation Council countries.
Yasmin Adem
Account Executive
Hill & Knowlton
Telephone: +966 1 288 6734/35
Mobile/Cell: +966 557 844 129
Fax: +966 1 288 6736
Gulf Hill & Knowlton WLL, Riyadh
PO Box 251
Kingdom of Saudi Arabia
Posted by Eman HassanSunday, June 22 - 2008 at 10:07 UAE local time (GMT+4)
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