Al Bhatti
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April 7, 2012
Saudi giant expands in China
Saudi Basic Industries has begun work on a $100 million (Dh367.8 million) technology centre in Shanghai
Shanghai Saudi Basic Industries has begun work on a $100 million (Dh367.8 million) technology centre in Shanghai, focusing on alternative energy and new materials for the construction and auto sectors.
Sabic's CEO Mohammad Al Madi said yesterday the centre would focus on helping design and create next generation alternative energy vehicles.
It is part of a wider expansion that includes a polycarbonate production complex in Tianjin, a city in north-eastern China as part of its joint venture with Sinopec, Asia's biggest refiner.
The company, which manufactures fertilisers, metals and polymers, has seen strong sales and solid profits on the back of higher oil prices.
Sabic is one of the world's largest chemical producers and its investments in China are part of a bigger energy partnership that includes a buildup of jointly run refineries as well as petrochemicals plants.
The development of China's electronics, automotive, building materials and new energy sectors is boosting demand for polycarbonates and other engineering plastics. China produced only 220,000 metric tonnes of polycarbonate in 2010, importing most of the 1.13 million metric tonnes consumed by its industries.
Even as China's growth slows, its national economic plans call for nurturing various "new industries" such as renewable energy and electric vehicles.
gulfnews : Saudi giant expands in China
Saudi giant expands in China
Saudi Basic Industries has begun work on a $100 million (Dh367.8 million) technology centre in Shanghai
Shanghai Saudi Basic Industries has begun work on a $100 million (Dh367.8 million) technology centre in Shanghai, focusing on alternative energy and new materials for the construction and auto sectors.
Sabic's CEO Mohammad Al Madi said yesterday the centre would focus on helping design and create next generation alternative energy vehicles.
It is part of a wider expansion that includes a polycarbonate production complex in Tianjin, a city in north-eastern China as part of its joint venture with Sinopec, Asia's biggest refiner.
The company, which manufactures fertilisers, metals and polymers, has seen strong sales and solid profits on the back of higher oil prices.
Sabic is one of the world's largest chemical producers and its investments in China are part of a bigger energy partnership that includes a buildup of jointly run refineries as well as petrochemicals plants.
The development of China's electronics, automotive, building materials and new energy sectors is boosting demand for polycarbonates and other engineering plastics. China produced only 220,000 metric tonnes of polycarbonate in 2010, importing most of the 1.13 million metric tonnes consumed by its industries.
Even as China's growth slows, its national economic plans call for nurturing various "new industries" such as renewable energy and electric vehicles.
gulfnews : Saudi giant expands in China
