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Sinopec petchem JV to cost $1.7bn: Sabic.

Saudi Basic Industries Corporation (Sabic), the Middle East's largest listed company, has said its joint venture with China Petrochemical and Chemical Corp (Sinopec), to build a new polycarbonate plant at its petrochemical complex in Tianjin city will cost $1.7 billion.

The new polycarbonate production complex with an annual production capacity of 260,000 metric tonnes will be located at the Sinopec Sabic Tianjin Petrochemical Co, (SSTPC) complex in northern China's Tianjin city, Sabic said in a statement.

Sinopec and Sabic each hold 50 per cent equity in SSTPC, which was incepted in October 2009. The phase 1 project, with annual capacity of 1 million metric tonnes of ethylene, had begun production since January 2010. The new polycarbonate production complex, the ground breaking of which took place, is the phase 2 of the project that was approved by China's National Development and Reform Commission (NDRC) on January 13, 2012.

With two sets of phosgene-free production systems with an annual capacity of 130,000 metric tonnes each to be built, the new polycarbonate production complex is expected to be operational in 2015. Upon operation, it can produce four major classes of polycarbonate, including the mixed grade, extrusion grade, optical grade, and moulding-grade polycarbonate.

The project uses the world's leading non-phosgene polycarbonate manufacturing technology, which complies with China's national energy saving and carbon emission policy. With the advanced equipment, the products are designed to be high tech and high value-added which can be used for a wide range of applications.

Hence, it will play an important role in promoting the development of Tianjin petrochemical industry and drive the economic growth in the Bohai rim region, which can effectively meet the market demand of petrochemicals in Asia-Pacific.

The ground breaking ceremony was officiated among others by Prince Saud bin Abdullah bin Thenayan Al-Saud, chairman of Royal Commission Jubail and Yanbu and chairman of Sabic and Fu Chengyu, chairman of Sinopec.

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Publication:Oil & Gas News
Geographic Code:9CHIN
Date:Apr 9, 2012
Words:337
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