By OGJ editors
HOUSTON, Feb. 5 -- China Petroleum & Chemical Corp. (Sinopec) and Saudi Basic Industries Corp. (Sabic) have signed a nonbinding document outlining the main issues for a tentative 50-50 joint venture to build a $1.7 billion ethylene derivatives complex in Tianjin, China.
The proposed complex would produce 1 million tonnes/year of ethylene derivatives600,000 tonnes/year of polyethylene and 400,000 tonnes/year of ethylene glycoland is proposed to be completed by September 2009. All of its ethylene feedstock would be supplied by Tianjin Petrochemical Co., a branch of Sinopec.
This would be Sabic's first JV in China. Company officials said China is an important market for Sabic's strategy to become one of the world's top petrochemical companies by 2020.