Sinopec and Saudi Arabia invested 18.3 billion to

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Sinopec and Saudi Arabia invested 18.3 billion to build Tianjin ethylene project

Sinopec and Saudi Basic Industries Co., Ltd. jointly held the founding ceremony of Sinopec (Tianjin) Petrochemical Co., Ltd. in Beijing on the 3rd

SABIC is one of the top five enterprises in the global chemical industry. According to Wang Tianpu, vice chairman and President of Sinopec, under the background of the current global economic downturn and financial crisis, the company chose to invest in China, which shows that it is full of confidence in China's development. The establishment of the joint venture will help improve the domestic chemical industry and product structure, and will also promote the economic development of Tianjin Binhai New Area and Tianjin

"the two sides announced that the Tianjin million ton ethylene project will be based on a 50:50 joint venture share ratio, with a total investment of about 18.3 billion yuan. After using it for a period of time, the Saudi Basic industry company promised to provide Sinopec with a 10million ton crude oil quota every year. It is reported that all the equipment of the project has completed the intermediate handover and will be fully put into operation."

after the Tianjin ethylene joint venture project is completed and put into operation, it will produce about 3.2 million tons of chemical products every year, including 100 ethylene and downstream derivatives such as polyethylene, ethylene glycol, polypropylene, butadiene, phenol and butene-1. At the same time, it will drive the structural adjustment, optimization and upgrading of Tianjin industry, and promote the economic development of Binhai New Area and even Tianjin. It is preliminarily estimated that the completion of the project will boost the total industrial output value of Tianjin by more than 4% and drive the investment in downstream industries and supporting projects. Among them, five enterprises will turn losses into profits of about 100billion yuan

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