By: ICN Bureau
Last updated : March 06, 2018 8:18 pm
Saudi Basic Industries Corporation (SABIC) and China Petroleum & Chemical Corporation (Sinopec) today announced a memorandum of understanding (MOU) to collaborate on polycarbonate production in China.
Saudi Basic Industries Corporation (SABIC) and
China Petroleum & Chemical Corporation (Sinopec Corp.) today announced a
memorandum of understanding (MOU) to collaborate on polycarbonate production in
China.
This new agreement will add to SABIC?s joint-venture with Sinopec, SSTPC (Sinopec
SABIC Tianjin Petrochemical Company). A joint investment between both companies
will fund a new polycarbonate production plant with an annual capacity for 260
kilo metric tonnes.
Fully operational since 2010, Tianjin-based SSTPC (a 50:50 JV and established in
October, 2009) produces various petrochemical products, including Ethylene,
Polyethylene, Ethylene Glycol, Polypropylene, Butadiene, Phenol and Butene-1,
among others.
The new polycarbonate production plant will be located in SSTPC and is expected
to be operational by 2015. It will leverage SABIC?s world-class advanced
polycarbonate technology using phosgene and Dichloromethane free process. The
performance properties of purity, transparency and continuous process will bring
local PC resin capabilities to a diverse customer base in China.
Mohamed Al-Mady, SABIC Vice Chairman and CEO, said: ?This new and exciting
milestone is a strong endorsement of our partnership with Sinopec. Today?s
announcement will strategically position both companies as world-class producers
of essential petrochemical supplies to meet increasing global demands for
customers in China. Importantly, this agreement has set the stage for further
growth in high-performance engineered thermoplastics.?
Wang Tianpu, Vice Chairman and CEO of Sinopec said: ?Sinopec?s agreement on
polycarbonate collaboration is another fruition of the deep and productive
partnership with SABIC. Our partnership with SABIC is a good showcase of the
close trade ties between China and Saudi Arabia. This investment plays critical
role in perfecting our value chain and in enhancing our competitiveness. The
project will drive local economic development, satisfy growing demands for
polycarbonate in Asia Pacific and has significant importance to Chinese
Petrochemical industry and local industry in Tianjin.?
Polycarbonate is an essential plastic used for producing components for
automotive parts, compact discs, and a variety of consumer products as well as
other industrial components.
Today, SABIC in Asia has seen strong double digit growth, with 41 offices, 10
manufacturing sites and 5 Technology & Innovation Centers across 13 key Asian
markets servicing a portfolio of customers across diverse industries.