Article source: chinanews (chinanews) China News Service, Beijing, January 22-(reporter, Wang Enbo) -- Saudi Arabia's SABIC, a global industrial giant, announced on the 22nd that, the company has made investment decision (FID) on the Sabic Fujian Petrochemical Complex (zhongshagule ethylene project) located in Fujian Province. Fujian Zhongsha Petrochemical Co. , Ltd. is a 51:49 joint venture of Fujian Fujian Gulei Petrochemical Co. , Ltd. , which is controlled by SABIC's wholly owned subsidiary Saudi Industrial Investment Co. , Ltd. and Fujian Energy and Petrochemical Group, decided to build the complex in Gulei Industrial Park, Fujian. With an estimated total investment of 44.8 billion yuan (US $6.4 billion) , the project is a one-off foreign investment project in Fujian province and is one of SABIC's core initiatives in China.

The complex will include a blended feed ethylene steam cracking unit with an estimated capacity of 1.8 million tons of ethylene per year at full capacity, as well as a series of large-scale downstream production units, including ethylene glycol, polyethylene, polypropylene, polycarbonate and other production units. The project is expected to be completed by the 2026. It is understood that the construction and subsequent operation of the project will use SABIC's nine sophisticated technologies, to meet the growing demand for high-end chemical products from customers and markets in areas such as electronics, artificial intelligence, smart phones, communications, medical, automotive and new materials.

SABIC currently operates in 17 cities in Greater China, with a research and Development Center in Shanghai, a Greater China Customer Service Center in Guangzhou, and three plants in Shanghai, Guangzhou and Chongqing, business scope covers all over China. Abdulrahman Al-fadhi, Sabic's chief executive, said the investment decision marked another important milestone for the growth of Sabic's Fujian petrochemical complex and Sabic's business in China. Through the project, it is expected to achieve the goal of diversifying its sources of raw materials, establishing a petrochemical base in Asia and producing a variety of products. Editor: Fu Zihao