Saudi Basic Industries Corp or SABIC, a global leading chemical company, on Jul. 18 announced that it has signed RMB 6 billion worth of memorandums of understanding with eight Chinese firms for chemical sales.
A Tianjin-based joint venture, which was established by SABIC and Sinopec in November 2009 and has an investment of RMB 18.3 billion, will annually provide the eight Chinese firms around 3.2 million tons of chemical products, including polyethylene, ethylene glycol and polypropylene, said a senior officer of SABIC.
The executive suite of SABIC said that the company will build Greater China's headquarters and a research and development center in Shanghai in 2012. The firm currently has 13 offices, four factories and one technical center in Greater China area.
