Home / Knowledge / News / Textiles / Heads of Agreement between Sinopec & China Petroleum
Heads of Agreement between Sinopec & China Petroleum
31
Jan '08
China Petroleum and Chemical Corporation (Sinopec Corp.) and Saudi Basic Industries Corporation (SABIC) signed a Heads of Agreement (HOA) toward forming a joint venture company.

This 50:50 equal share joint venture company will invest in a 1 million metric ton per year of ethylene derivatives complex (600,000 metric tons of polyethylene and 400,000 metric tons of Ethylene Glycol) to be set up in Tianjin that will receive all its ethylene feedstock from an ethylene cracker owned by Tianjin Petrochemical Company, a branch of Sinopec Corp. The total investment will be around US$1.7 billion, with the complex scheduled to be completed by September 2009.

The Heads of Agreement was signed at a ceremony in Beijing by SABIC Chairman, Prince Saud bin Abdullah bin Thenayan Al-Saud, and Sinopec Corp. Chairman, Su Shulin.

Prince Saud noted: “The new joint venture with Sinopec Corp. will further strengthen the links between our two companies. This will be SABIC's first joint venture in China and we hope this will lead to more joint ventures and a strong relationship with Sinopec in the important China market.”

SABIC already has a strong relationship with Sinopec Corp. and Chinese engineers from Sinopec Corp. are currently helping to construct a world-scale polyolefins complex for SABIC affiliate Yanbu National Petrochemicals Company in Yanbu, Saudi Arabia.

“China is an important market for SABIC's global strategy. This Heads of Agreement is akey milestone towards realizing SABIC's goal of establishing a manufacturing centre in Asia.

This facility in Tianjin will serve customers in the world's fastest growing market, and is an important component in SABIC's corporate strategy of being among the world's top petrochemical companies by 2020,” said Mohamed Al-Mady, SABIC Vice Chairman and CEO.

Saudi Basic Industries Corporation


Must ReadView All

Courtesy: Michael Kors

Fashion | On 25th Jul 2017

Michael Kors to acquire Jimmy Choo

Global fashion luxury brand Michael Kors Holdings Limited has reached ...

Apparel/Garments | On 25th Jul 2017

VF Corp posts $2.4 billion revenue for Q2 2017

VF Corporation has recorded revenue of $2.4 billion, up 2 per cent,...

Textiles | On 25th Jul 2017

Egypt signs agreement with UNIDO for cotton production

Egypt has signed a €1.5 million ($1.74 million) cooperation agreement ...

Interviews View All

Anavila Misra
Anavila Collection

Fashion shows are also encouraging and highlighting sustainable fashion

Md Hanifur Rahman
Aman Group

The level of understanding the job role and organisational requirements...

Prabu Mohanram
Balavigna Weaving Mills Pvt Ltd

The biggest challenge that the weaving industry faces is high price

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

July 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Thanks for your valuable feedback. Claim your free latest sustainability e-book.


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X