According to the chairman of Saudi Basic Industries Corp. (SABIC) Sunday, if the Chinese government still delays the approval of petrochemical plants originally planned to be built in China with a total investment of 5.2 billion U.S. dollars, the company will seek investment elsewhere in the world. location.
SABIC, the world's largest petrochemical company by market value, stated that the company has waited more than a year for approval to invest in building a petrochemical plant in the northeast of Dalian. The petrochemical plant includes a refinery and a production ethylene plant.
SABIC Chairman, Prince Saud Bin Abdullah bin Thunayan al-Saud told reporters Sunday at the port of Jeddah in the Red Sea that the company hopes that the Chinese government will approve the project as soon as possible, so that the company can start implementing the investment on the project. He also said that the company can choose to invest in more than one country... There are many investment opportunities in the world. China is not the only company that chooses to invest.
SABIC hopes to build a large factory in China, which will help the company achieve its goal of almost doubling production to 100 million tons in 2015.
Prince Saud also said that the company believes the Chinese market is promising. Investment in China is also a good opportunity. But what nobody doubts is that any project and economic feasibility study have certain timeliness.
In December last year, SABIC stated that it had spent 3 years negotiating with China's Sinopec and Dalian Shide on this project. The media quoted Prince Saud last week as saying that both companies have spent 18 months waiting for approval from the Chinese government.

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