Saudi Arabia to Invest $1 Billion in Chinese Ethylene Project, an Industrial Info News Alert
SOURCE:
Industrial Info Resources
2008-07-24 07:30:00
Saudi Arabia to Invest $1 Billion in Chinese Ethylene Project, an Industrial Info News Alert
BEIJING–(EMWNews – July 24, 2008) – Researched by Industrial Info Resources (Sugar
Land, Texas) — At the International Oil Conference in Jeddah, Saudi
Arabia, China National Petroleum & Chemical Corporation (NYSE:SNP)
(Sinopec) (Beijing) and Saudi Basic Industries Corporation (SABIC) signed
an agreement regarding SABIC’s investment in Sinopec Tianjin
Petrochemical’s 1-million-ton-per-year ethylene project. The project is
the largest ever undertaken by Tianjin, with a total investment value of
$3.95 billion. As early as June of last year, SABIC and Sinopec reached an
initial agreement that SABIC would invest $1 billion into the ethylene
project.
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