The Saudi Basic Industries Corporation (SABIC), the leading global company in diversified chemicals and a 70 percent-owned company by energy giant Saudi Aramco, has endorsed the final investment decision (FID) for the SABIC Fujian Petrochemical Complex Project to be established in Fujian Province, China.
SABIC Fujian Petrochemical Company Limited, based on a 51 percent to 49 percent equity split in the joint venture between SABIC Industrial Investments, wholly owned by SABIC, and Fujian Petrochemical Company Limited (FPCL), has decided to initiate the establishment of an industrial complex in the Gulei area of Fujian Province.
The project’s investments total $6.4 billion, marking the largest foreign investment in Fujian Province and a significant expansion of SABIC’s core investments in China.
The complex is anticipated to annually produce 1.8 million tons of ethylene and will accommodate a range of state-of-the-art manufacturing facilities, including those for ethylene glycol, polyethylene, polypropylene, polycarbonate, and various other manufacturing units. The construction of the project is expected to be completed by 2026.
Abdulrahman Al-Fageeh CEO – SABIC
“The FID is a significant milestone for SABIC’s business expansion and development in China. The project aims to support our goal of diversifying our feedstock sources and establishing a petrochemical manufacturing presence in Asia for a wide range of products.”
SABIC’s other major investments in China include three compounding plants, in Shanghai, Guangzhou and Chongqing, a joint venture with Sinopec in Tianjin, a technology center in Shanghai, and a customer center office in Guangzhou.
