Riyadh, January 22, 2024, The Saudi Basic Industries Corporation (SABIC), a leading global company in diversified chemicals, announced its endorsement of the final investment decision for the SABIC Fujian Petrochemical Complex Project, also known as the Saudi-Chinese Gulei Ethylene Complex Project, to be established in Fujian Province, China.
The joint venture, SABIC Fujian Petrochemical Company Limited, will be formed through a 51% to 49% equity split between SABIC Industrial Investments (wholly owned by SABIC) and Fujian Petrochemical Company Limited (FPCL). This collaboration marks the initiation of an industrial complex in the Gulei area of Fujian Province.
With a total investment of 44.8 billion Chinese yuan (approximately $6.4 billion), this project represents the largest foreign investment in Fujian Province and a significant expansion of SABIC's core investments in China.
The upcoming complex is anticipated to have an annual production capacity of 1.8 million tons of ethylene. It will feature state-of-the-art manufacturing facilities for various products, including ethylene glycol, polyethylene, polypropylene, polycarbonate, and other manufacturing units.
The construction of the SABIC Fujian Petrochemical Complex Project is expected to be completed by 2026. This investment signifies a strategic move for SABIC in strengthening its presence and contributions to the chemical industry in China, aligning with the company's commitment to growth and innovation in key markets.
