Skip to content Skip to Search
Skip navigation

Sabic to commence $6.4bn project in China in 2024

By Pramod Kumar
The Sabic HQ in Riyadh. The petrochemicals factory in China will have an annual ethylene capacity of up to 1.8 million tonnes Sabic
The Sabic HQ in Riyadh. The petrochemicals factory in China will have an annual ethylene capacity of up to 1.8 million tonnes

Saudi Basic Industries Corporation (Sabic) will start constructing a $6.4 billion petrochemicals complex in Fujian, China, during the first half of 2024.

The Saudi-listed petrochemicals producer announced its final investment decision, which allows the development of the mega complex, after signing a memorandum of understanding (MoU) with the Fujian Provincial Government in 2018.

The project will be executed by a joint venture between Sabic Industrial Investment Company, a wholly-owned subsidiary of the Saudi-listed firm, and Fujian Fuhua Gulei Petrochemical Company.

Under the partnership, Sabic’s unit will hold a majority stake of 51 percent in the project, with Fujian Fuhua Gulei owning the remaining 49 percent stake.

The complex will have a mixed-feed steam cracker and an anticipated maximum annual ethylene capacity of up to 1.8 million tonnes.

The project will feature downstream facilities for ethylene glycols, polyethylene, polypropylene, polycarbonate, and several other units using the latest technologies. The unit will use nine technologies developed by Sabic.

Preparations for commissioning and startup are planned to commence in the second half of 2026, lasting for six months.

Funding for the venture will be secured through a combination of debt and internal cash flows.

Latest articles

PIF's Starbucks shareholdings were cut almost by half from 6.3 million shares to 3.8 million

PIF slashes Starbucks stake as it cuts US stocks by $15bn

Saudi Arabia’s Public Investment Fund (PIF) has slashed its US equity holdings by 42 percent to $20.6 billion, including its stake in Starbucks, the global coffee chain that has suffered calls for a boycott as a result of the Gaza conflict. The latest US government data highlights funding challenges facing the Saudi giga-projects.  The filing […]

Tunisia olives

Soaring olive oil exports help Tunisia balance books

Tunisia’s soaring olive oil exports have almost doubled to close to $1 billion in just five months, helping it claw back its current account deficit.   However the increased revenues merely “paint over the cracks” and the country is still probably heading towards a sovereign default, according to an economic expert. Tunisia’s current account deficit narrowed […]

Saudi aluminium producer Talco is offering 12 million shares

Aluminium producer Talco announces Saudi IPO

Aluminium producer Al Taiseer Group Talco Industrial Company (Talco) is the latest entity to reveal initial public offering (IPO) plans in Saudi Arabia. The Riyadh-based company, which was set up in 2009, is offering 12 million shares, a 30 percent stake, on the Saudi Exchange (Tadawul) at a nominal value of SAR10 ($2.67) per share. […]

One of the four restaurants in the Palazzo Versace Dubai hotel, which is listed on the Emirates Auction website

Palazzo Versace hotel sale aims to ride Dubai tourism wave

Owners of Dubai’s ultra-luxurious Palazzo Versace hotel are looking to capitalise on the emirate’s tourism boom before it peaks, offering it for sale at nearly AED1.4 billion ($380 million). A source familiar with the asset told AGBI the hotel is being “readvertised” as it has not found a buyer willing to meet its price tag […]