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Top 10 billion dollar oil deals of the summer

by Kevin Baxter on Jul 21, 2009

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Tianjin Petrochemicals Complex (China)

The Deal: Construction and operation of petrochemical complex.
Worth: $3 billion
Awarded to: A 50/50 joint venture between SABIC (Saudi Arabia) and Sinopec (China)

Saudi Basic Industries Corporation (SABIC) recently received official approval from the Chinese National Development and Reform Commission (NDRC) to participate jointly with China Petroleum & Chemical Corporation (Sinopec) in the huge US$3 billion petrochemical complex currently under construction in China.

The complex is due for completion in September 2009 will have an overall production capacity is rated at approximately 3.2 million mtpa of various petrochemical products, including one million mtpa of ethylene and other downstream products such as polyethylenes, ethylene glycol, polypropylene (PP), butadiene, phenol, and butene-1.

China is a massive market for SABIC and is anything can drag the company out of the current malaise it finds itself in due to the drop in both price and global demand for its vast array of petrochemical products it is this.

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