{"id":1012,"date":"2024-01-22T10:36:07","date_gmt":"2024-01-22T10:36:07","guid":{"rendered":"https:\/\/madeinbahraingate.com\/?p=1012"},"modified":"2024-01-22T10:36:07","modified_gmt":"2024-01-22T10:36:07","slug":"saudi-arabias-sabic-gives-go-ahead-for-6-4bn-china-petrochemical-plant","status":"publish","type":"post","link":"https:\/\/madeinbahraingate.com\/ar\/saudi-arabias-sabic-gives-go-ahead-for-6-4bn-china-petrochemical-plant\/","title":{"rendered":"Saudi Arabia\u2019s SABIC gives go-ahead for $6.4bn China petrochemical plant"},"content":{"rendered":"

Saudi Basic Industries Corp (SABIC) will go ahead with building a petrochemical complex in southeastern China\u2019s Fujian province, the company said in an exchange filing on Sunday, shoring up Saudi ties with China, the world\u2019s top oil importer.<\/p>\n

The project, expected to cost around $6.4bn, will be developed in a joint venture with state-owned Fujian Fuhua Gulei Petrochemical.<\/p>\n

\n
<\/div>\n<\/div>\n

First proposed in 2018, the joint venture marks the latest in a series of tie-ups between Saudi firms and Chinese refiners.<\/p>\n

The complex is expected to be able to produce 1.8 million metric tons of ethylene per year and is designed to expand SABIC\u2019s manufacturing presence in Asia and diversify its feedstock supply chain,\u00a0SABIC\u00a0said.<\/p>\n

Construction is expected to begin in the first quarter of 2024, with completion expected in the first quarter of 2027.<\/p>\n

Saudi bolsters China investments with SABIC deal<\/h2>\n

The announcement follows several similar investments by the kingdom\u2019s oil giant Saudi Aramco in China\u2019s downstream sector.<\/p>\n

Early in January, Chinese privately controlled refiner Rongsheng Petrochemical and Aramco announced they were in talks to take a 50 per cent stake in each other\u2019s refineries in China and Saudi Arabia.<\/p>\n

Aramco previously announced it had agreed to acquire a 10 per cent stake in Rongsheng, an investment attached to a 20-year crude oil supply deal with Rongsheng-controlled Zhejiang Petrochemical Corp. The deal closed in July at a valuation of $3.4bn.<\/p>\n

In September last year, Aramco announced plans to become a strategic investor in another private Chinese refiner Jiangsu Shenghong Petrochemical, which operates a 320,000-bpd refinery and petrochemical complex in the eastern province of Jiangsu.<\/p>\n

Aramco is also in talks to acquire a 10 per cent stake in Shandong Yulong Petrochemical Co, which is building a refinery complex that can process 400,000 barrels of crude a day in eastern China\u2019s Shandong province.<\/p>","protected":false},"excerpt":{"rendered":"

Saudi Basic Industries Corp (SABIC) will go ahead with building a petrochemical complex in southeastern China\u2019s Fujian province, the company said in an exchange filing on Sunday, shoring up Saudi […]<\/p>","protected":false},"author":1,"featured_media":1019,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1012","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"yoast_head":"\nSaudi Arabia\u2019s SABIC gives go-ahead for $6.4bn China petrochemical plant - Made in Bahrain Gate<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/madeinbahraingate.com\/ar\/saudi-arabias-sabic-gives-go-ahead-for-6-4bn-china-petrochemical-plant\/\" \/>\n<meta property=\"og:locale\" content=\"ar_AR\" \/>\n<meta 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