Saudi Basic Industries Corporation, the largest petrochemicals business in the Middle East, and China Petroleum and Chemical Corporation (Sinopec) have begun commercial operations at their new polycarbonate factory in Tianjin, China. The new manufacturing facility is part of the Sinopec-Sabic-Tianjin Petrochemical Complex, which Sabic and Sinopec jointly control. The new factory has a capacity of 260,000 tonnes per year.
The enormous Tianjin petrochemical complex, which opened in 2009, is made up of nine production units that produce polyethylene, polypropylene, and other chemicals.
Sabic's CEO, Abdul Rahman Al Fageeh, stated that his business and Sinopec are pursuing mutual growth possibilities that coincide with the aims of Saudi Arabia and China's national programs. According to Precedence Research, the worldwide petrochemicals business is expected to be worth $800 billion by 2030, up from $475 billion in 2020.
Sabic is an important part of Saudi Arabia's aim to lessen its reliance on oil exports. Sabic reported a net profit after zakat and tax of 1.18 billion Saudi riyals ($314.5 million) in the three months to the end of June. During that time, revenue plummeted roughly 34% to 37.17 billion riyals.
Sabic authorized a cash dividend of 1.80 riyals per share for the first half of this year, notwithstanding current market problems. Last year, the business announced plans to build a 400,000-barrel-per-day factory near Ras Al Khair to transform crude oil into petrochemicals. Sabic struck a deal in December with Oman's state energy firm OQ and Kuwait Petroleum International to establish a petrochemical complex in the Sultanate.