SABIC says China petrochemical project to cost $3-4 B
9/6/2016 8:15:52 AM
Photo courtesy of Reuters.
(Reuters) Saudi Basic Industries Corp. (SABIC) expects its coal-to-chemicals project in China with Shenhua Ningxia Coal Industry Group to cost $3-4 B, its acting CEO told Al Arabiya TV on Thursday.
"The project is approximately $3-4 B and we expect it to be ready in 2020," Yousef al-Benyan said.
SABIC signed the agreement in May. The JV would be a "greenfield petrochemical complex" located in the Ningxia Hui Region of China and would help the Saudi company diversify its feedstock sources.
Reporting by Reem Shamseddine and Marwa Rashad, editing by Sami Aboudi
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