Saudi Basic Industries Corporation (SABIC) plans seriously to expand its investments in China through the implementation of new expansion at the joint venture project, (SABIC Sinopec), in Tianjin, owned equally between the two sides, Global Arab Network reports according to Arab News.
Mohamed Al-Mady, vice chairman of SABIC & CEO told Arab News that his company should expand its presence in Chain after the success of the first phase projects, which focused on the production of ethylene with an annual production capacity of one million metric tons.
“We have accomplished a part of future plans for (SABIC Sinopec) complex. Constructions works started at the $1.7 billion polycarbonate plant with capacity of 260 thousand tons a year. This project, expected to be completed by 2015, represents the second phase of our expansion. This is not the end of our future plans. We are seeking new projects that could enhance the competitive position of the company especially in China”, Al-Mady said.
Al-Mady revealed that the products of this project will contribute to the development of the petrochemical sector in Tianjin area, and to push economic situation towards new horizons. “The products of (SABIC Sinopec) complex meet the requirements of petrochemical market in the Asia-Pacific region, as well as diversify the company's products, which considered the largest of its kind in Asia, and expand the target market” he said.
SABIC hopes that this project could support its competitive advantages and drive directions of China and Saudi Arabia to take the lead in the petrochemical sector, in addition to the strong and strategic ties between the two sides and strengthen friendly relations between China and Saudi Arabia.
SABIC plans also to expand its partnership in Japan, where it owns only a small plant there related to innovative plastics which has a portfolio of nearly 40,000 engineering thermoplastic resins, specialty compounds, films, sheets and additives, to provide innovative solutions for almost every area of modern life, including automotive, electronics, health care, lighting, and construction.
Al-Mady referred to the possibility of establishing new projects expected with Japanese, which is in its final stages of negotiation, which in turn will drive the company forward to further growth and push the company's strategy to forward, hinting that those plans have not yet been made.
SABIC operates 6 Strategic Business Units, has 60 world-class plants worldwide, 1 Corporate Research & Innovation Center, 12 Technology Centers, 4 Application Centers, 150 new products each year, and 8,000 global patents.
“We are the world’s 2nd largest diversified chemicals company, and the 88th largest public company. We have $89 billion in total assets, and annual revenues of over $50 billion. We are 33,500 direct employees strong, and have operations in over 40 countries around the world”, Al-Mady said. (Arab News)