Sep 17 2011 |
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SABIC to expand presence in China
JEDDAH - The Saudi Basic Industries Corporation ( SABIC ) has announced its plans to establish a $1 billion high-tech SABIC advanced polycarbonate technology plant in Tianjin City, China with an annual capacity of 260K tons to meet the growing demand for plastics in the country. The project will provide an opportunity to the company to grow in the market for high performance engineering thermoplastics, and meet the growing demand for SABIC advanced polycarbonates in China.Against this backdrop, Prince Saud Bin Abdullah Bin Thenayan Al-Saud, Chairman of the Royal Commission for Jubail and Yanbu and Chairman of SABIC , received at the SABIC headquarters in Riyadh Thursday a high-level Chinese delegation, headed by Zhang Gaoli, member of the Political Bureau, Central Committee, Communist Party of China (CPC), and Secretary of the CPC Tianjin Municipal Committee.
The delegation was accompanied by Li Jinjun, Vice Minister, International Department of the CPC Central Committee; Xiong Jianping, Vice Mayor of Tianjin City; the Chinese Ambassador to Saudi Arabia, Yang Honglin and other embassy officials. Also present were the SABIC Board of Directors and senior executives.
Prince Saud praised the strong relationship between Saudi Arabia and China as well as the efforts of the leaderships of the two countries to develop these ties at all political, economic and technological levels. He lauded the strong growth of the Chinese economy, which has, in turn, boosted SABIC 's presence in the Chinese market.
Prince Saud said "THE strong initiatives taken by Custodian of the Two Holy Mosques King Abdullah Bin Abdulaziz have greatly contributed to the growth of the Saudi economy and its stability even in the face of global financial uncertainties. According to the World Bank's business performance report for the year 2009, the Kingdom has moved up to the 13th rank globally. It is also ranked top among Arab countries for the best investment environment."
Moeover, Prince Saud commended the visit of Chinese President Hu Jintao to SABIC headquarters in Riyadh in 2006 and the subsequent cooperation between SABIC and the Chinese company, Sinopec. This collaboration has resulted in the SABIC Sinopec joint venture in Tianjin, which has grown rapidly to form the basis for building a long-term strategic partnership.
Experts expect the annual demand for petrochemicals in China to grow above 10 percent over the next 10 years.
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