The Saudi Basic Industries Corporation (SABIC) on Sunday announced an investment plan to build a petrochemical complex in Fujian Province, China, in cooperation with Fujian Fuhua Gulei Petrochemical Company.
Chinese state media hailed the announcement as proof that China and Saudi Arabia are growing closer economically and politically.
Abdulaziz bin Salman, Minister of Energy of Saudi Arabia, Center for Energy, at a press conference after the 33rd meeting of the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC countries, Wednesday, October 5, 2022, in Vienna, Austria. Mr. says. (Akos Stiller/Bloomberg via Getty Images)
China's state-owned Global Times welcomed SABIC Fujian Petrochemical Company was established as an example of “fruitful industrial cooperation between China and Saudi Arabia,” according to Sunday's announcement.
of Global Times Saudi Arabia's $6.4 billion investment in the Fujian project was viewed by Saudi Arabia as a petrochemical engagement ring for a geopolitical romance built on feeding China's voracious fossil fuel needs .
Analysts cited by the Chinese newspaper pointed to other agreements between major Chinese companies and Saudi state oil company Aramco as other signs of growing harmony between China and Riyadh.
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China and Saudi Arabia signed An economic conference held in Beijing in December resulted in agreements worth around $25 billion, covering energy, agriculture, mining, finance, technology and many other areas. SABIC was one of the companies that attended the conference.
Aramco is majority owner SABIC has investments and facilities around the world.
“Furthermore, Saudi Arabia has a strong strategy and direction towards a green economy and transition to renewable and clean energy. Opportunities to develop investments and partnerships in the sector are promising,” added Mohamed A. Al-Ajlan, Chairman of the Saudi-China Business Council, who has supported the belated rise of green energy. China's desire for Saudi oil.
SABIC Fujian Complex is ethyleneextremely important industrial chemicals Derived from natural gas. Ethylene is used to make a variety of petrochemical products, from plastics and synthetic rubber to antifreeze.
Sabich Said On Monday, construction of the Fujian factory is scheduled to begin in the first half of 2024 and be completed in the second half of 2026. Production of ethylene and other chemicals is expected to begin in the first half of 2027.
