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Last Updated on 20
Marking a significant milestone in China's petrochemical industry, construction has officially commenced on the USD 6.4 billion Sabic Fujian Petrochemical Complex. This project, also known as the Sino-Saudi Gulei Ethylene Complex Project, is a joint venture between Saudi Arabia's Sabic and China's Fujian Energy and Petrochemical Group. Sabic announced its final investment decision for the project in January 2024.
The groundbreaking ceremony, held in Fujian Province, signifies the start of full execution and construction of the complex. With an expected annual ethylene capacity of 1.8 million metric tons, it aims to meet the growing demand for high-end chemical products in the Chinese market and stimulate further downstream investment opportunities within the region. The facility is expected to be operational by 2026.
Strategically located within the Gulei Petrochemical Industrial Park, a designated national petrochemical hub in China, the Sabic Fujian Petrochemical Complex is a joint venture between Sabic and Fujian Energy and Petrochemical Group. Sabic Fujian Petrochemicals Co., Ltd., established in March 2022 with a 51:49 shareholding structure, spearheads the development of the project.
Expressing his enthusiasm, Sabic CEO Abdulrahman Al-Fageeh stated that the project represents a "landmark project" for Sabic's development in China and reinforces their ambition to become the world's leading chemical company. He emphasized their commitment to providing effective solutions to customers, maximizing shareholder value, and supporting advancements in the industry.For more insights about similar projects, explore our Global Petrochemical Project Database.
Saudi Basic Industries Corporation (SABIC), known as SABIC, is a Saudi Arabian multinational chemical manufacturing company headquartered in Riyadh, Saudi Arabia. It is one of the world's largest petrochemical companies and is active in the production of chemicals, plastics, fertilizers, metals, and industrial polymers.
A royal decree established SABIC in 1976, intending to turn oil byproducts into useful chemicals, polymers, and fertilizers. The first chairman of the company was Ghazi Abdul Rahman Al Gosaibi, the Minister of Industry and Electricity, and the first CEO was Abdul Aziz Bin Abdullah Al Zamil. Some of the projects executed by SABIC include:
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News_Release 20th Feb 2024
