Saudi Basic Industries Corporation (Sabic), a leading global company in diversified chemicals, has taken the final investment decision to set up a $6.4 billion petrochemical project in the Fujian Province of China.
Sabic Industrial Investments, wholly owned by Sabic, will have a 51% stake in the joint venture Sabic Fujian Petrochemical Company, while Fujian Petrochemical Company Limited (FPCL) will own 49% equity, said a Saudi Press Agency report.
The project marks the largest foreign investment in Fujian Province and a significant expansion of Sabic's core investments in China.
The complex is anticipated to annually produce 1.8 million tons of ethylene and will accommodate a range of state-of-the-art manufacturing facilities, including those for ethylene glycol, polyethylene, polypropylene, polycarbonate, and various other manufacturing units.
The construction of the project is expected to be completed by 2026.
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