Saudi Basic Industries Corp (SABIC) on Tuesday signed a memorandum of understanding (MOU) with China's Fujian provincial government to build a petrochemical complex.
SABIC is the third company to announce a large chemical investment in China over the past two months. SABIC did not give any details of the investment or a timeline in a brief release, saying this is part of the firm's strategy to diversify its operations and strengthening its position in the world's top petrochemicals market.
The deal comes as US oil major Exxon Mobil and Germany's BASF have separately announced plans to build ethylene complexes in Guangdong province.
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