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Construction starts on SABIC's Shanghai tech center
By Richard Fu |
April 6, 2012, Friday
|
Online Edition
Online Edition
SAUDI Basic Industries Corp (SABIC) started construction on a US$100 million technology center in Shanghai today as part of the petrochemical giant's effort to expand in China.
The center, in Kangqiao, Pudong New Area, will focus on advanced engineering plastics that can be used in a broad array of industries from automotive, electronics to alternative energy and constructions.
It will house 400 employees when completed in 2013.
Li Lei, SABIC's vice president for North Asia, said the company's outlook for downstream demand is extremely good, and it isn't concerned about fluctuating crude oil prices in the short term.
"While there is no good news in Europe, and there are uncertainties in the US economy, we are just confident about Asia," Li said in an interview after a ground-breaking event, adding China's economic plan for the 12th Five-Year Plan (2011-2015) will benefit the company.
China has identified renewable energy and electric vehicles as the emerging strategic industries in its economic plan.
The Saudi company earlier this week laid the foundation for a polycarbonate production complex in Tianjin in northern China as part of its joint venture with Sinopec Corp.
The center, in Kangqiao, Pudong New Area, will focus on advanced engineering plastics that can be used in a broad array of industries from automotive, electronics to alternative energy and constructions.
It will house 400 employees when completed in 2013.
Li Lei, SABIC's vice president for North Asia, said the company's outlook for downstream demand is extremely good, and it isn't concerned about fluctuating crude oil prices in the short term.
"While there is no good news in Europe, and there are uncertainties in the US economy, we are just confident about Asia," Li said in an interview after a ground-breaking event, adding China's economic plan for the 12th Five-Year Plan (2011-2015) will benefit the company.
China has identified renewable energy and electric vehicles as the emerging strategic industries in its economic plan.
The Saudi company earlier this week laid the foundation for a polycarbonate production complex in Tianjin in northern China as part of its joint venture with Sinopec Corp.
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