Sabic To Expand China Ethylene Investments
Wednesday, June 18, 2008
Saudi Basic Industries Corporation (SABIC) might double its investment in a Chinese ethylene complex, an executive in the state-controlled company said Wednesday.
SABIC wants to expand the project to reach US$4 billion instead of the US$1.7 billion that was initially announced last January.
"The expansion will give the Saudi chemical corporation a wider base in the fast growing Chinese petrochemical sector," the executive said in a statement.
In 2007, 60 Saudi-Chinese joint projects were established with investments estimated at 22.5 billion Saudi Riyal (US$5.85 billion).
Bilateral trade has seen 26 percent growth in 2007, where Chinese exports to the kingdom reached US$7.8 billion. China's imports from Saudi Arabia have now reached US$17.5 billion.
Source: Deutsche Press-Agentur (dpa)
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