Saudi's SABIC to build China petrochemical project
The Saudi company will now work on getting approvals for the greenfield petrochemical complex from Chinese authorities
Saudi Basic Industries Corp (SABIC) reportedly said it has signed an agreement with Shenhua Ningxia Coal Industry Group to build a petrochemical complex in China.
In a statement, SABIC said the joint project would be a "greenfield petrochemical complex" located in the Ningxia Hui Region of China.
The development is expected to help the Saudi company diversify its feedstock sources.
"The joint venture would benefit from its location in Ningxia and utilise locally available coal feedstocks to be supplied by SNCG," SABIC said.
The project's development costs and schedule were not revealed.
SABIC said it would now work to gain approvals for the project from Chinese authorities.