Saudi Basic Industries Corporation (SABIC), a multinational petrochemical company which is 70% owned by the government of Saudi Arabia, has formed a joint venture with China Petroleum & Chemical Corporation (better known as Sinopec).
The Rmb18.3 billion (US$2.7 billion) joint venture will own and operate a new petrochemical complex in Tianjin, which is capable of producing 3.2 million tons of chemical and petrochemical products every year, and should be ready to begin production in the first quarter of 2010.
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