Riyadh – Mubasher: Saudi Basic Industries Corp (SABIC) on Thursday, 26 October, announced handing over the construction and engineering works contract to Sinopec Engineering Incorporation, and Sinopec Shanghai Engineering Company Limited to establish polycarbonate complex in Tianjin region, in China.
The total value of the project is SAR 6.375 billion ($1.7 billion), and will be self-financed from SABIC's resources, and from other credit facilities.
The annual production capacity of the project will be 260,000 metric tonnes, and it is forecasted to be operated by 2020.
SABIC stated that the transaction’s financial impact will appear in its financial results after the project started its commercial operation and completed.
By 3:57 pm KSA time, SABIC’s stock inched up 0.05% to reach SAR 98.50.
