SABIC to keep investing in China

Yousef Abdullah Al-Benyan, vice-chairman and chief executive officer of Saudi Basic Industries Corp (SABIC). [Photo/VCG]

Last year, the Saudi giant increased its production by 1 percent amid a growing demand and has seen its revenue rise by 4 percent over the previous year.

In 2014, SABIC established a $640 million joint venture with South Korean petrochemical producer SK Global Chemical for the production of polyethylene products.

The South Korea-based plant will have a capacity of 230,000 metric tons of polyethylene per year.

Al-Benyan said the partnership with SK chemicals is not only targeting the South Korean market but also serves as a springboard to serve the Chinese market.

"We will explore opportunities in converting coal to chemicals at the same time," he said.

The company has 1,300 employees in China with 18 offices, three plants in Shanghai, Guangzhou and Chongqing, a joint venture with Sinopec－China's largest petroleum refiner and oil products producer in Tianjin－at a total cost of 18.3 billion yuan and one research center in Shanghai.