Saudi Basic Industries Corporation (SABIC) and China Petroleum and Chemical Corporation (SINOPEC) announced today the start-up of commercial production at the newly constructed petrochemical complex at Tianjin, China.
The two companies formed SINOPEC SABIC Tianjin Petrochemical Company (SSTPC) in November 2009, as a 50/50 joint venture to build and operate the new 3 million tons per year petrochemical complex. Pre-production operations at the plant began in January of this year.
A special celebration of the new production coming onstream at the complex was held in the presence of HH Prince Saud bin Abdullah bin Thenayan Al Saud, Chairman of the Royal Commission for Jubail and Yanbu and Chairman of SABIC. The event was also attended by HE Yahya bin Abdul-Kareem Al-Zaid, Saudi Ambassador to the People’s Republic of China, and senior Chinese government officials and SINOPEC executives.
Prince Saud praised the ever-growing economic relations between Saudi Arabia and China, and said that both countries were experiencing high growth rates and had proven their ability to withstand the global financial crisis. He also noted that these achievements were possible because of the rational policies adopted by the government of Custodian of the Two Holy Mosques King Abdullah Ibn ‘Abd Al-‘Aziz Al Saud, and the long-term economic reforms pursued by the Chinese government.
Prince Saud also commended the close relations between SABIC and SINOPEC and noted that the new joint venture would enhance the competitiveness of both companies in the global market and create the potential for more such projects. The joint venture strengthens SABIC’s presence in the strategic Asian market, he also remarked.