SABIC inks deal to build China petrochemicals complex

Saudi Basic Industries Corp. (SABIC) and China’s Shenhua Ningxia Coal Industry Group have signed a preliminary agreement to study the possibility of building a petrochemical complex in the Asian country’s Ningxia Hui region.

Under the deal’s terms, the two companies will conduct feasibility studies for the facility, which would produce raw materials, the Saudi-based petrochemical giant said in a statement to Tadawul.

The agreement came into effect today and will remain valid for three years.