Saudi Basic Industries Corp (SABIC) has announced plans to build new petrochemical plants.
SABIC CEO Mohamed al-Mady said the company is planning to increase its production of petrochemicals to 130 million tonnes by 2020.
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SABIC is also entering into a $3bn joint venture with Sinopec in the region of Tianjin, which is awaiting government approval.
SABIC has says the plant will have an annual production capacity of 3.2 million tones.
The company is also considering further investments in China.
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