Global chemical leader Saudi Basic Industries Corporation (Sabic) has announced the signing of a project development agreement with Rongsheng Petrochemical and its wholly-owned subsidiary Rongsheng New Materials (Zhoushan) Company to jointly advance the development of the Jintang New Materials Project in Zhoushan, Zhejiang Province, China.
Under the deal, Sabic and Rongsheng Petrochemical will evaluate a potential equity investment by Sabic up to 50% of Rongsheng New Materials, positioning the project as a strategic collaboration between two leading global petrochemical companies.
The agreement also establishes a framework for project development activities towards a potential final investment decision (FID).
Sabic CEO Dr Faisal M. Alfaqeer said this partnership with Rongsheng Petrochemical reflects Sabic’s vision for growth and global footprint expansion through strategic, collaborative approach.
“Sabic continues to prioritise innovation, portfolio advancement and sustainable value creation, strengthening its ability to serve customers worldwide. We look forward to working closely with Rongsheng Petrochemical to evaluate and advance this opportunity, combining our respective strengths, capabilities and expertise,” he stated.
Rongsheng Petrochemical CEO Xiang Jiongjiong said the collaboration represents a landmark partnership and a model of win-win co-operation between the duo.
“This partnership is a flagship outcome of two industry leaders complementing their strengths and robust capabilities to jointly research, develop and operate in advanced chemical materials. Against the backdrop of today's complex market conditions, our alliance also serves as a critical stabilizing anchor for the chemical sector, enabling us to deliver more valuable and comprehensive product solutions to our customers,” he stated.
The Jintang New Materials Project is designed to enhance production capabilities for advanced chemical materials and support growing demand from key downstream industries in China and Asia.
The project is expected to leverage world-class technologies, integrated manufacturing capabilities and operational excellence to strengthen competitiveness, foster innovation and create long-term value for all stakeholders, he added.-TradeArabia News Service
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