Jan. 16 (Bloomberg) -- Saudi Basic Industries Corp., known as Sabic, and China Petroleum and Chemical Corp. will have annual polycarbonate capacity of 260 kilo metric tons from a plant in Tianjin, China, when operations start in 2015.
“The new polycarbonate production will help meet the projected growth in demand for North East Asia, which includes China,” Sabic said in an e-mailed statement today. “Satisfying this demand is essential for producing petrochemical materials from China’s vast manufacturing industries.”
Sabic, the world’s largest maker of petrochemicals, and China Petroleum and Chemical, known as Sinopec, yesterday signed a memorandum of understanding for the construction of the polycarbonate plant, the official Saudi Press Agency reported. The agreement was signed during a visit to Saudi Arabia by Chinese Premier Wen Jiabao.
Wen arrived in Riyadh on Jan. 14 for the first visit to Saudi Arabia by a Chinese premier in 20 years, China’s official Xinhua News Agency said. Wen will also visit Qatar and the United Arab Emirates during a Persian Gulf tour ending Jan. 19.
Sabic is “is keen to continue its investments in China’s marketplace,” Chairman Prince Saud bin Abdullah said in the statement.
--Editors: Tim Farrand, Peter Woodifield
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