Sabic and Sinopec sign protocol of cooperation
The Saudi Basic Industries Corporation (SABIC) and the China Petroleum and Chemical Corporation (Sinopec) signed a Protocol of Cooperation 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.
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 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.
When the plant is fully operational in 2015, SABIC will become one of the world’s largest producers of polycarbonate, significantly boosting it’s market share. The protocol, which covers marketing, allows SABIC to supply polycarbonate as feedstock to the company’s other plants in China and the Pacific region.
More information: www.sabic.com
