Sabic plans to boost China investments
Riyadh, September 18, 2011
Petrochemical giant Saudi Basic Industries Corporation (Sabic), which boasts of a strong market position in China with double digit growth year-on-year, plans to strengthen its investments in the country, said its chairman.
Prince Saud bin Abdullah bin Thenayan Al-Saud revealed this while receiving a high-level delegation, headed by Zhang Gaoli, member of Political Bureau, Central Committee, Communist Party of China at Sabic headquarters in Riyadh.
Prince Saud lauded the strong growth of the Chinese economy, which has, in turn, boosted Sabic’s presence in the Chinese market.
Experts predict the annual demand for petrochemicals in China to grow above 10 per cent over the next ten years.
Sabic has already announced its plans to establish a $1 billion high-tech advanced polycarbonate technology plant in Tianjin, China with an annual capacity of 260,000 tons to meet the growing demand for plastics in the country, said Prince Saud, who is also chairman of the Royal Commission for Jubail and Yanbu..
According to him, the project will provide an opportunity to the company to grow in the market for high performance engineering thermoplastics, and meet the growing demand for Sabic advanced polycarbonates in China.
Prince Saud also praised the strong ties between Saudi and China as well as the efforts of the leaderships of the two countries to develop these ties at all political, economic and technological levels.
'The strong initiatives taken by Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz have greatly contributed to the growth of the Saudi economy and its stability even in the face of global financial uncertainties,' he pointed out.
Citing World Bank’s business performance report for 2009, Prince Saud said the Kingdom has moved up to the 13th rank globally. 'It is also ranked top among Arab countries for the best investment environment,' he stated.
The visiting delegation comprised Li Jinjun vice minister, International Department of the CPC Central Committee, Xiong Jianping, vice mayor of Tianjin City and the Chinese Ambassador to Saudi Arabia, Yang Honglin and other embassy officials.-TradeArabia News Service