After Sinopec (Tianjin) Petrochemical’s joint venture in Tianjin quickly realized full capacity operation, Sinopec Corp. (600028) once again joined forces to take over Saudi Arabia’s petrochemical giant Saudi Basic Industries Corporation (SABIC), which will establish 260,000 metric tons of productivity in China. Polycarbonate (PC) factory.
According to SABIC, new project investment may reach 1 billion US dollars. Prior to the two sides in the project investment in Tianjin was 2.5 billion US dollars.
SABIC, the largest petrochemical company with the world market capitalization, had sales of US$12 billion in the first quarter, and due to continued strong product demand, it is expected to increase in the second quarter.
SABIC has more favorable conditions than its competitors because it pays 75 cents per million BTU of supply under government subsidy, which is only a fraction of the international market's water quality.
It is understood that SABIC is one of the six largest petrochemical companies in the world and has a global leading position in the fields of polyethylene, polypropylene, ethylene glycol, methanol and fertilizer manufacturing. In 2009, SABIC realized a net profit of 2.4 billion U.S. dollars and global sales revenue reached 27 billion U.S. dollars.
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