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Chinese chemical materials giant Rongsheng Petrochemical announced that the Company and its wholly owned subsidiary Rongsheng New Materials signed with Saudi Basic Industries Corporation (SABIC) a Project Development Agreement Regarding the New Project, under which the parties will carry out in-depth cooperation on the Jintang New Materials Project.
Under the agreement, Rongsheng Petrochemical and SABIC are evaluating a potential equity investment by SABIC of no less than 30% and no more than 50% in Rongsheng New Materials, which may position the project as a strategic collaboration between two leading global petrochemical companies. The agreement also establishes a cooperation framework for subsequent project development activities and lays the foundation for the parties to advance towards a potential final investment decision (FID).
Both parties to the collaboration bring strong capabilities. Saudi Basic Industries Corporation (SABIC) is a world-renowned diversified chemical company. Its specialty materials business represents a core part of its technology portfolio, with a product matrix covering high-performance materials such as polycarbonate (LEXAN™), polyphenylene ether (NORYL™), and engineering thermoplastics (LNP™). These materials offer excellent heat resistance, chemical resistance and mechanical performance, and are widely used in high-end markets including electrical and electronics, automotive lightweighting, and healthcare.
Rongsheng Petrochemical is a global leading company in chemical materials, operating the world’s largest integrated refining and petrochemical project, with total chemical production capacity exceeding 60 million tonnes. The Company is a major global producer of polyester, engineering plastics, polyolefins, rubber and new energy materials. The Company’s PX and PTA capacities rank first worldwide, while its capacities for core products including PE, PP, PET, EVA, ABS, PC and rubber have long ranked among the highest in the world.
As a key step in extending Rongsheng Petrochemical’s industrial chain, the Jintang New Materials Project focuses on new materials segments such as high-performance resins, biodegradable plastics, specialty polyesters and high-end fibers. The project is designed to strengthen the independent supply capability of advanced chemical materials and precisely meet the growing demand from key downstream industries in China and Asia, including new energy, electrical and electronics, and high-end packaging. Through this powerful collaboration, the project is expected to fully integrate Rongsheng Petrochemical’s advantages in integrated industrial-chain operations with SABIC’s technological expertise and mature customer network in advanced materials, accelerating the creation of a world-class benchmark in the new materials industry.
Rongsheng Petrochemical and SABIC both expressed high expectations for the project. Mr. Xiang Jiongjiong, General Manager of Rongsheng Petrochemical, said: “The collaboration represents a landmark partnership and a model of win-win cooperation between Rongsheng Petrochemical and SABIC. This partnership is a flagship outcome of two industry leaders complementing their strengths and robust capabilities to jointly research, develop and operate in advanced chemical materials. Against the backdrop of today’s complex market conditions, our alliance also serves as a critical stabilizing anchor for the chemical sector, enabling us to deliver more valuable and comprehensive product solutions to our customers.”
SABIC’s potential strategic equity investment would not only bring incremental support to Rongsheng Petrochemical in terms of capital and technology, but also introduce SABIC’s technological expertise and industrialization experience in high-end new materials, helping Rongsheng Petrochemical rapidly enhance its advanced materials R&D capabilities and shorten the introduction cycle for high-end products. Meanwhile, SABIC’s mature global customer network and international brand endorsement are expected to further integrate Rongsheng Petrochemical into the international petrochemical value chain, accelerate the introduction of the Company’s new materials products such as high-performance resins, specialty polyesters and high-end fibers into high-end markets, and further consolidate Rongsheng Petrochemical’s global leading position.
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