Saudi Basic Industries Corporation (SABIC) has signed a Project Development Agreement (PDA) with Rongsheng Petrochemical Co. Ltd. and its subsidiary, Rongsheng New Materials (Zhoushan) Co. Ltd. Together, the companies will advance the development of the Jintang New Materials Project located in Zhoushan, Zhejiang Province, China.

Under the new PDA, SABIC and Rongsheng Petrochemical are exploring a strategic partnership for the Jintang New Materials project in China. This includes evaluating an equity stake of up to 50% for SABIC and outlining a clear framework for project development, paving the way for a final investment decision (FID). 

Dr. Faisal M. Alfaqeer, SABIC CEO and Executive Board Member, stated: “This partnership with Rongsheng Petrochemical reflects SABIC’s vision for growth and global footprint expansion through strategic, collaborative approach. SABIC continues to prioritize innovation, portfolio advancement and sustainable value creation, strengthening its ability to serve customers worldwide. We look forward to working closely with Rongsheng Petrochemical to evaluate and advance this opportunity, combining our respective strengths, capabilities and expertise.”

Xiang Jiongjiong, CEO of Rongsheng Petrochemical and Executive Director of the Board, said: “The collaboration represents a landmark partnership and a model of win-win cooperation between Rongsheng Petrochemical and SABIC. This partnership is a flagship outcome of two industry leaders complementing their strengths and robust capabilities to jointly research, develop and operate in advanced chemical materials. Against the backdrop of today's complex market conditions, our alliance also serves as a critical stabilizing anchor for the chemical sector, enabling us to deliver more valuable and comprehensive product solutions to our customers.”

The Jintang New Materials Project aims to boost advanced chemical material production to meet rising demand from major downstream sectors in China and Asia. By combining premier technologies, unified manufacturing, and efficient operations, the project will drive innovation, maximize competitiveness, and deliver long-term stakeholder value.