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Negotiations are still ongoing for the construction of a US$5.3bn petrochemical facility and oil refinery in China, Saudi Basic Industries (Sabic) has announced. Sabic is planning to build an oil refinery and ethylene plant in Dalian, in China’s northeast.

The kingdom, the world’s biggest oil exporter, provides China with about 17% of its imported crude oil, and volumes are expected to rise in coming years.

Sabic, the 10th biggest petrochemical company worldwide, has announced it is finalising plans to establish a fully registered company in China and open other offices in Indonesia, Australia and Vietnam.

Its plan also includes new warehouse facilities in China, along with four new ones in Ho Chi Minh City, Melbourne, Sydney and Auckland.