Riyadh - Mubasher: Saudi Basic Industries Corp (SABIC) agreement with Shenhua Ningxia Coal Industry Group aims at using coal in petrochemical industry, the saudi company’s vice chairman and CEO Yousef Abdullah Al-Benyan said in a recent interview.
The project will cost approximately $3 to 4 billion and we it is expected to be ready by 2020," Al-Benyan told Al Arabiya TV on Thursday.
SABIC’s goal is to diversify its feedstock sources, as well as increase the company’s competitiveness.
SABIC has been in the Chinese market for 30 years, with investments totalling $6 billion, and sales reaching $7 billion and accounting for 30% of the company’s total sales, added Al-Benyan.
