SABIC inks deals to supply polymers
By Richard Fu |
July 19, 2010, Monday
|
Print Edition
Print Edition
PETROCHEMICAL giant Saudi Basic Industries Corp (SABIC) yesterday sealed 6 billion yuan (US$885.6 million) worth of new contracts to supply Chinese customers.
A company executive said SABIC will build a China headquarters and a research hub in Shanghai with an eye on the Chinese market.
Under a memorandum of understanding signed in Shanghai yesterday, SABIC will supply 600,000 tons of polymers products to eight Chinese companies.
Polymers are used in a wide range of applications like construction, automotive and consumer product industries.
Ahmed al Umar, vice president of SABIC Asia Pacific, said the products will mainly come from the Tianjin-based joint venture petrochemical complex between SABIC and Sinopec Corp, and some will be supplied by the Sinopec-Exxon Mobil-Saudi Aramco petrochemical complex in Fujian Province.
SABIC is marketing Saudi Aramco's products from the Fujian project.
The supply deal "is an important milestone that our team has achieved remarkable results in serving the Chinese market," al Umar said.
Al Umar also said SABIC has acquired land in Pudong for a complex to house its China headquarters and research and development center. The complex will open by the end of 2012.
A company executive said SABIC will build a China headquarters and a research hub in Shanghai with an eye on the Chinese market.
Under a memorandum of understanding signed in Shanghai yesterday, SABIC will supply 600,000 tons of polymers products to eight Chinese companies.
Polymers are used in a wide range of applications like construction, automotive and consumer product industries.
Ahmed al Umar, vice president of SABIC Asia Pacific, said the products will mainly come from the Tianjin-based joint venture petrochemical complex between SABIC and Sinopec Corp, and some will be supplied by the Sinopec-Exxon Mobil-Saudi Aramco petrochemical complex in Fujian Province.
SABIC is marketing Saudi Aramco's products from the Fujian project.
The supply deal "is an important milestone that our team has achieved remarkable results in serving the Chinese market," al Umar said.
Al Umar also said SABIC has acquired land in Pudong for a complex to house its China headquarters and research and development center. The complex will open by the end of 2012.
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