SABIC and Sinopec Corp.sign heads of agreement towards formation of 50:50 joint venture
Posted: 31-01-2008 , 15:32 GMT
http://www.albawaba.com/en/countries/Saudi%20Arabia/221697
China Petroleum and Chemical Corporation (Sinopec Corp.) and Saudi Basic Industries Corporation (SABIC) today signed a Heads of Agreement (HOA) toward forming a joint venture company.
This 50:50 equal share joint venture company will invest in a 1 million metric ton per year of ethylene derivatives complex (600,000 metric tons of polyethylene and 400,000 metric tons of Ethylene Glycol) to be set up in Tianjin that will receive all its ethylene feedstock from an ethylene cracker owned by Tianjin Petrochemical Company, a branch of Sinopec Corp. The total investment will be around US$1.7 billion, with the complex scheduled to be completed by September 2009.
The Heads of Agreement was signed at a ceremony in Beijing today by SABIC Chairman, Prince Saud bin Abdullah bin Thenayan Al-Saud, and Sinopec Corp. Chairman, Su Shulin.
Prince Saud noted: “The new joint venture with Sinopec Corp. will further strengthen the links between our two companies. This will be SABIC’s first joint venture in China and we hope this will lead to more joint ventures and a strong relationship with Sinopec in the important China market.”
SABIC already has a strong relationship with Sinopec Corp. and Chinese engineers from Sinopec Corp. are currently helping to construct a world-scale polyolefins complex for SABIC affiliate Yanbu National Petrochemicals Company in Yanbu, Saudi Arabia.
“China is an important market for SABIC’s global strategy. This Heads of Agreement is a key milestone towards realizing SABIC’s goal of establishing a manufacturing centre in Asia. This facility in Tianjin will serve customers in the world’s fastest growing market, and is an important component in SABIC’s corporate strategy of being among the world’s top petrochemical companies by 2020,” said Mohamed Al-Mady, SABIC Vice Chairman and CEO.
© 2008 Al Bawaba (
www.albawaba.com)
沙特基础工业公司参股天津100万吨乙烯工程
2008年01月31日 21:43:50 来源:新华网
新华网北京1月31日电(记者安蓓 姚均芳)记者31日从沙特基础工业公司了解到,该公司已于31日与中国石油化工股份有限公司签署框架协议,双方将组建各占50%股份的合资企业,共同建设一个年产100万吨乙烯衍生物的生产线。
中石化股份公司目前已确认了这一消息。
据了解,该乙烯衍生物生产线计划年产60万吨聚乙烯和40万吨乙二醇。生产线将设在天津,生产乙烯的全部原料将来自中石化全资子公司天津石油化工公司拥有的乙烯裂解装置。项目总投资将达约17亿美元,计划于2009年9月竣工。
这将是沙特基础工业公司在中国的第一家合资企业。沙特基础工业公司董事长萨乌德·本·萨那延·阿尔-萨乌德表示,这个新的合资企业将进一步加强沙特基础工业公司与中石化之间的关系。
据介绍,中石化集团下属工程公司正参与建设沙特基础工业公司位于沙特延布的聚烯烃生产线。
沙特基础工业公司副董事长及首席执行官穆罕默德·阿尔-马迪表示,中国对于沙特基础工业公司而言是一个重要的市场。这个框架协议是沙特基础工业公司实现在亚洲建立生产中心这个目标过程中的一个重要里程碑。
沙特基础工业公司是一家以石油工业为基础并向相关工业领域拓展的大型生产和研发公司,其70%的股份为沙特政府所有,是沙特乃至中东地区最大的上市公司之一。