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SABIC may shift $5.2bn project from Beijing

28
Feb '07
Saudi Basic Industries Corp (SABIC) may shift its US $5.2 billion petrochemical plant to another location if Beijing keeps on delaying the approval of the project.

For past one year, company is waiting for approval to start the plant, which will have oil refinery and ethylene plant.

Although company don't have specific alternative to China, there are many opportunity in the world.

SABIC expects this plant in China to assist in achieving its target of increasing output to 100 million tons by 2015.

It has also entered into discussion on project with China's Sinopec and Dalian Shide.

Company mainly produces chemicals such as ethylene that are extensively used by textile industry.


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