The global chemical industry pattern continues to iterate, and high-end new materials have become the core competition track of the industry. Saudi Arabia's SABIC, which is deeply involved in the global advanced materials field, is targeting the development opportunities in the Chinese market, partnering with domestic petrochemical leader RSPC to land the Zhoushan project, and opening a new chapter of deep cross-border industrial cooperation.

Landing layout in Zhoushan

Recently, Saudi Basic Industries Corporation signed a project development agreement with RSPC and its wholly-owned subsidiaries to jointly promote the construction of the Zhoushan Jintang New Materials Project. Both parties will establish an exclusive project promotion framework to lay a solid foundation for the final investment decision in the future. SABIC is evaluating a maximum 50% equity investment in the project company, which, if implemented, will create a core cooperation platform in the field of advanced materials between the two parties.

Anchoring the high-end track

The current global petrochemical industry is bidding farewell to extensive scale expansion and shifting towards technology driven development. The demand for high-end materials such as high-performance polymers and specialty chemicals continues to rise, and there is a significant gap in downstream industries in the Asian region. The Jintang New Materials Project focuses on improving the production capacity of advanced chemical materials, relying on international advanced technology and mature operational experience, accurately matching the demands of the Chinese and Asian markets, and helping to upgrade the quality of the local petrochemical industry. Keywords: Petrochemicals, New Materials

Deepen the synergy between China and Saudi Arabia

SABIC has the advantage of global advanced new material research and development and technology, while RSPC has the advantage of a complete integrated refining and chemical industry chain and large-scale production. Both parties will fully integrate their core advantages through capital linkage, technological exchange, and resource integration, and build the Zhoushan project into an important advanced material supply base in Asia. This in-depth cooperation also provides a new cross-border collaboration model for the reconstruction of the global chemical industry chain.Editor/Min Jing