Riyadh-headquartered chemical firm Sabic has signed a memorandum of understanding (MOU) with China’s Fujian provincial government to build a petrochemical complex.
This follows the recent announcements by compatriot US oil/gas company ExxonMobil’s MOU to build a massive chemical complex in the Huizhou Dayawan Petrochemical Industrial Park in Guangdong province and Germany-based chemical firm BASF’s plans to build an ethylene complex also in Guangdong.
Sabic did not give any details of the investment or a timeline, saying this is part of the firm’s strategy to diversify its operations and strengthen its position in the world’s top petrochemicals market.
Sabic is already a partner with Chinese state oil and gas firm Sinopec Corp in an ethylene plant owned by Sinopec’s Tianjin Petrochemical Corp.
In Fujian on the east coast, Sinopec operates a joint-venture refining, petrochemical complex in city of Quanzhou in partnership with Saudi’s state oil and gas firm Saudi Aramco and ExxonMobil.
The Chinese chemical major is also building a separate ethylene plant in Gulei, in the same province.