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SABIC Finalizes Investment Decision for Fujian Petrochemical Complex in China

Saudi Basic Industries Corp (SABIC) headquarters in Riyadh, Saudi Arabia (File photo: Reuters)
Saudi Basic Industries Corp (SABIC) headquarters in Riyadh, Saudi Arabia (File photo: Reuters)
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SABIC Finalizes Investment Decision for Fujian Petrochemical Complex in China

Saudi Basic Industries Corp (SABIC) headquarters in Riyadh, Saudi Arabia (File photo: Reuters)
Saudi Basic Industries Corp (SABIC) headquarters in Riyadh, Saudi Arabia (File photo: Reuters)

The Saudi Basic Industries Corporation (SABIC), the leading global company in diversified chemicals, announced on Sunday that it has endorsed the final investment decision for the SABIC Fujian Petrochemical Complex Project (Saudi-Chinese Gulei Ethylene Complex Project) to be established in Fujian Province, China.
SABIC Fujian Petrochemical Company Limited, based on a 51% to 49% equity split in the joint venture between SABIC Industrial Investments, wholly owned by SABIC, and Fujian Petrochemical Company Limited (FPCL), has decided to initiate the establishment of an industrial complex in the Gulei area of Fujian Province, SPA reported.
The project's investments total 44.8 billion Chinese yuan ($6.4 billion), marking the largest foreign investment in Fujian Province and a significant expansion of SABIC's core investments in China.
The complex is anticipated to annually produce 1.8 million tons of ethylene and will accommodate a range of state-of-the-art manufacturing facilities, including those for ethylene glycol, polyethylene, polypropylene, polycarbonate, and various other manufacturing units.
The construction of the project is expected to be completed by 2026.

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EU May Suspend Syria Sanctions on Energy and Transport

FILE PHOTO: A general view of the commercial harbor of Syria's coastal city of Tartous, Syria, December 14, 2024. REUTERS/Umit Bektas/File Photo
FILE PHOTO: A general view of the commercial harbor of Syria's coastal city of Tartous, Syria, December 14, 2024. REUTERS/Umit Bektas/File Photo
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EU May Suspend Syria Sanctions on Energy and Transport

FILE PHOTO: A general view of the commercial harbor of Syria's coastal city of Tartous, Syria, December 14, 2024. REUTERS/Umit Bektas/File Photo
FILE PHOTO: A general view of the commercial harbor of Syria's coastal city of Tartous, Syria, December 14, 2024. REUTERS/Umit Bektas/File Photo

The European Union may soon suspend sanctions on Syria related to energy and transport but has yet to agree on whether to ease restrictions on financial transactions, according to three diplomats and a document seen by Reuters.
EU foreign ministers will discuss the matter at a meeting in Brussels on Monday. The bloc’s foreign policy chief Kaja Kallas told Reuters on Wednesday she hopes a political agreement on easing the sanctions can be reached at the gathering.
Europe’s approach to Damascus began to shift after Bashar al-Assad was ousted as president in December by Hayat Tahrir al-Sham (HTS), which the United Nations designates as a terrorist group.
Officials see transport as key for helping Syria’s airports become fully operational, which in turn could facilitate the return of refugees. Energy and electricity are similarly seen as important for improving living conditions to help stabilize the country and encourage citizens to come back.
According to an EU document seen by Reuters, diplomats from the bloc's 27 members recommended taking swift action towards suspending the restrictions "in sectors necessary for economic stabilization and launch of economic reconstruction of Syria, such as those regarding energy and transport”.
The diplomats, who are part of a group that negotiates the EU’s foreign policy positions on issues related to the Middle East and North Africa, also recommended “assessing options for reopening banking and investment relations with Syria”.
“The easing of EU restrictive measures would be rolled out in a staged approach and in a reversible manner, regularly assessing if the conditions in Syria allow for further suspension,” the diplomats wrote, pointing to the need for respect for fundamental freedoms and an inclusive transition.
The wording of the document represents a compromise among EU capitals. Some governments want to move quickly to suspend sanctions, while others prefer a more careful and gradual approach to ensure Europe retains leverage.
If a political agreement is announced on Monday, European officials would proceed to work on the technical details of a suspension.
A number of sanctions should remain in place, according to the document, including measures related to the Al-Assad regime, illicit drug trade and arms trade.