Saudi Basic Industries Corporation (SABIC) said its SAR 6.38 billion polycarbonate complex will start operations by 2020, after it has awarded the construction and engineering works contract to Sinopec Engineering Incorporation and Sinopec Shanghai Engineering Co. Limited.
The new complex will have an annual production capacity of 260,000 million tons, SABIC said in a bourse statement.
It will be constructed in the Tianjin Binhai New Area, China, and will be financed from SABIC's internal resources as well as other credit facilities.
The relevant financial impact will reflect on SABIC's earnings after launching operations.
In 2012, SABIC said its joint venture with China Petrochemical and Chemical Corp. (SNP), or Sinopec, to build a new polycarbonate plant at its petrochemical complex in Tianjin city will cost $1.7 billion. The joint venture, which covers marketing, allowed Sabic to supply polycarbonate as feedstock to the company's other plants in China and the Pacific region.
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