Sabic and Invista support Fujian Investment
Saudi petrochemicals and plastics giant SABIC has signed a Memorandum of Understanding with China's Fujian provincial government to build a petrochemical complex.
SABIC said the MoU is part of its strategy to diversify its operations, seek new investment opportunities and strengthen its position in the Chinese market while at the same becoming a global leader in the specialties sector.
Also at Fujian, US nylon producer Invista has awarded a licence to Baihong Industrial Holdings for a large-scale PTA plant to feed existing facilities that will produce PET films and fibers. Baihong group company Fujian Billion Petrochemicals recently acquired a license from Invista for the 2.5 million t/y unit. Construction is due to start in mid-2020. A date for completion has not been announced.
Fujian Billion's two operating units, Fujian Billion Polyfiber Technology and Fujian Billion High-tech Materials – both based in Jinjiang – produce polyester fiber and PET film, mainly for domestic consumption.