Saudi corporation to expand China ethylene investments
( dpa ) - Saudi Basic Industries Corporation (SABIC) might double its investment in a Chinese ethylene complex, an executive in the State-controlled company said Wednesday.
SABIC wants to expand the project to reach 4 billion dollars instead of the 1.7 billion which was initially announced last January.
"The expansion will give the Saudi chemical corporation a wider base in the fast growing Chinese petrochemical sector," the executive said in a statement.
In 2007, 60 Saudi-Chinese joint projects were established with investments estimated at 22.5 billion Saudi Riyal (5.85 billion dollars).
Bilateral trade has seen 26 per cent growth in 2007, where Chinese exports to the kingdom reached 7.8 billion dollars. China's imports from Saudi Arabia have now reached 17.5 billion.