Saudi petrochemicals giant expands in China
Shanghai: Saudi Basic Industries Corp. has begun work on a USD 100 million technology center in Shanghai, focusing on alternative energy and new materials for the construction and auto sectors.
SABIC's CEO Mohammed Al-Mady said Friday the center 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 northeastern China as part of its joint venture with Sinopec, Asia's biggest refiner.
The company, which manufactures fertilizers, 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.