Riyadh – Mubasher: Saudi Basic Industries Corporation (SABIC) on Tuesday announced signing a memorandum of understanding (MoU) with the Fujian Provincial Government of the Republic of China.
Under the deal, SABIC and the Fujian Provincial Government will develop a "world-scale petrochemical complex" in Fujian.
The agreement comes as part of the Saudi petrochemical giant's scheme to diversify its operations, consider new investment opportunities, and bolster its position in the Chinese market, it said in a statement to the Saudi Stock Exchange (Tadawul).
SABIC did not uncover the estimated value of its complex in Fujian.
"The MoU does not have a definitive timeline," the petrochemical maker added.
On another note, Saudi oil giant Aramco has been talks over acquiring a stake in SABIC.
On Monday, Reuters reported, citing unnamed sources, that Saudi Arabia's Public Investment Fund (PIF) had selected Goldman Sachs to advise it on the sale of a stake in SABIC to Aramco.
SABIC's stock closed Monday down 1% at SAR 119.