Saudi Arabian chemicals firm Saudi Basic Industries Corp (SABIC) recently signs a contract to establish a joint venture with Fujian Petroleum and Chemical Group. [Photo/WeChat account: fjrbwx]

Saudi Arabian chemicals firm Saudi Basic Industries Corp (SABIC) recently established a joint venture with Fujian Petroleum and Chemical Group that was witnessed by Fujian authorities and Yousef Al-Benyan, vice-chairman and CEO of SABIC. 

According to the contract signed online, SABIC and FJPEC will invest 40 billion yuan ($7.17 billion) into the China-Saudi Arabia Gulei Ethylene Project, a world-class large petrochemical complex in Fujian.  

The project will involve building an ethylene plant with an annual output of 1.5 million tons of ethylene and a series of downstream production plants which require less energy and generate lesser emissions. 

"Fujian attaches great importance to this project. We hope the two sides can work together for mutual benefits," said Yin Li, Party secretary of Fujian province.

Yousef Al-Benyan said that SABIC would continue to tap the potential of the Chinese market, especially Fujian's, by giving full play to the company's advantages in raw materials, technology, safety and environmental protection, market development, and international cooperation.