SABIC and Sinopec Sign Protocol of Cooperation to Explore New Opportunities

january 23 2012

Under the patronage of Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz, and in the presence of China Prime Minister Wen Jiabao, the Saudi Basic Industries Corporation (SABIC) and the China Petroleum and Chemical Corporation (Sinopec) signed a Protocol of Cooperation in Riyadh to explore new business opportunities and confirm their commitment to the principles reached in earlier agreements, including one on polycarbonate collaboration which has been approved by China’s National Development and Reform Commission (NDRC).

The Protocol of Cooperation was signed by Prince Saud bin Abdullah bin Thenayan Al-Saud, Chairman of SABIC and the Royal Commission for Jubail and Yanbu, and Fu Chengyu, Chairman of the Sinopec Group and the Sinopec Corporation. Mohamed Al-Mady, SABIC Vice Chairman and CEO, was also present at the signing ceremony.

The Protocol sets the foundation for a joint investment from both SABIC and Sinopec to build the new polycarbonate production complex with an annual capacity of 260 kilo metric tons. The new facility will be located at the Sinopec SABIC Tianjin Petrochemical Company (SSTPC) in Tianjin, China.

Polycarbonate is an essential material used for producing components for a vast array of consumer, industrial and commercial products ranging from automotive parts, household wares to medical supplies. The new polycarbonate production will help meet the projected growth in demand for North East Asia, which includes China. Satisfying this demand is essential for producing petrochemical materials from China’s vast manufacturing industries.

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