SABIC and Rongsheng Petrochemical sign agreement for advanced materials project
SABIC announced the signing of a Project Development Agreement with Rongsheng Petrochemical and its wholly owned subsidiary Rongsheng New Materials (Zhoushan) to jointly advance the development of the Jintang New Materials Project in Zhoushan, Zhejiang Province, China.
SABIC and Rongsheng Petrochemical will jointly develop advanced materials project.
“This partnership with Rongsheng Petrochemical reflects SABIC’s vision for growth and global footprint expansion through strategic, collaborative approach,” said Dr. Faisal M. Alfaqeer, SABIC CEO and Executive Board Member.
Under the agreement, SABIC and Rongsheng Petrochemical are evaluating a potential equity investment by SABIC up to 50% of Rongsheng New Materials, positioning the project as a strategic collaboration between two leading global petrochemical companies.
The agreement also establishes a framework for project development activities towards a potential final investment decision (FID).
“The collaboration represents a landmark partnership and a model of win-win cooperation between Rongsheng Petrochemical and SABIC. This partnership is a flagship outcome of two industry leaders complementing their strengths and robust capabilities to jointly research, develop and operate in advanced chemical materials,” said Xiang Jiongjiong, CEO of Rongsheng Petrochemical and Executive Director of the Board.
The Jintang New Materials Project is designed to enhance production capabilities for advanced chemical materials and support growing demand from key downstream industries in China and Asia.
The project is expected to leverage world-class technologies, integrated manufacturing capabilities and operational excellence to strengthen competitiveness, foster innovation and create long-term value for all stakeholders.
