Riyadh – Mubasher: Saudi Basic Industries Corp (SABIC) entered a partnership with Chinese Sinopec for three projects, including two in China.
The two companies will work on the extension of their joint project Sinopec SABIC Tianjin Petrochemical Co Ltd., another polycarbonate project in China, and a third one in Saudi Arabia, SABIC chairman told Xinhua news agency.
Total investment costs of the three projects would reach SAR 15 billion ($4.05 billion) and the implementation of all the projects is about to be launched, Saud Bin Abdullah Al Thunayan added.
The chairman noted that the new project will be financed through a blending between self-finance and banking loans.
Concerning the project with Shenhua Ningxia Coal Industry Group Co, the chairman pinpointed that the special studies of the project are about to be concluded to start the implementation immediately.
