China News Service, Beijing, January 22 (Reporter Wang Enbo) Global industrial giant Saudi Basic Industries Corporation (SABIC) announced on the 22nd that the company has made a final decision on the SABIC Fujian Petrochemical Complex (China-SABIC Gulei Ethylene Project) located in Fujian Province. Investment Decision (FID).
Fujian Zhongsha Petrochemical Co., Ltd. is a 51:49 joint venture company owned by Fujian Fuhua Gulei Petrochemical Co., Ltd., which is controlled by SABIC's wholly-owned subsidiary Saudi Industrial Investment Company and Fujian Energy and Petrochemical Group. It has decided to invest in Fujian Gulei Petrochemical Co., Ltd. Ray Industrial Park is building the complex.
The project is expected to have a total investment of approximately 44.8 billion yuan (approximately 6.4 billion U.S. dollars). It is the largest one-time investment foreign investment project in Fujian Province to date, and is also one of SABIC’s current core investment initiatives in China.
The complex will include a mixed-feed ethylene steam cracker with an expected annual ethylene production capacity of up to 1.8 million tonnes, as well as a series of world-class downstream production units including ethylene glycol, polyethylene, polypropylene, polycarbonate and other production equipment.
The project is expected to be completed in 2026.
It is understood that the construction and subsequent operations of the project will use nine of SABIC's leading technologies to meet the growing demand from customers and the market for high-end chemical products in the fields of electronics and electrical, artificial intelligence, smartphones, communications, medical, automobiles and new materials. need.
Currently, SABIC operates in 17 cities in Greater China. In addition to a R&D center in Shanghai, it also has a Greater China Customer Service Center in Guangzhou and three factories in Shanghai, Guangzhou and Chongqing. Its business scope covers all of China. .
SABIC CEO Abdulrahman Al-Faji said that reaching the final investment decision marks another important milestone for SABIC’s Fujian Petrochemical Complex and SABIC’s business growth in China.
Through this project, it is expected to achieve its goal of diversifying raw material sources, establishing a petrochemical base in Asia, and producing a variety of products.
(over)