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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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BP Appoints Albert Manifold as Chairman amid Strategy Revamp

Vehicles drive past a BP petrol station in Liverpool, Britain, February 7, 2023. (Reuters)
Vehicles drive past a BP petrol station in Liverpool, Britain, February 7, 2023. (Reuters)
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BP Appoints Albert Manifold as Chairman amid Strategy Revamp

Vehicles drive past a BP petrol station in Liverpool, Britain, February 7, 2023. (Reuters)
Vehicles drive past a BP petrol station in Liverpool, Britain, February 7, 2023. (Reuters)

BP named Albert Manifold, the former boss of building materials producer CRH, as its new chairman on Monday, as it looks to address investor concerns about its strategy and weak share performance

Manifold, who has not previously held a senior position in the energy sector, will succeed Helge Lund from October as BP navigates a major strategy revamp under persistent takeover and break-up speculation, Reuters reported.

During his tenure at CRH, its shares soared nearly fivefold. "(Manifold's) impressive track record of shareholder value creation at CRH demonstrates he is the ideal candidate to oversee BP's next chapter," said Amanda Blanc, BP's senior independent director, who led the succession process on behalf of the board.

Under his 11-year stint as CEO of CRH, the Irish company reshaped its portfolio by buying and selling assets and moved its primary listing to New York in 2023.

BP's shares rose 0.5% to 402.05 pence in early London trading.

Norwegian national Lund, 62, who has been BP's chair since 2019, fell out of favor with investors after he backed ex-CEO Bernard Looney's ill-fated foray into renewables.

He was re-elected in April with sharply reduced support after coming under pressure from activist investor Elliott Management and criticism from climate-focused shareholders. BP said in April that Lund intends to exit the firm, "likely" in 2026.

Sam Laidlaw, the former chief executive of British Gas owner Centrica and Ken MacKenzie, retired chair of mining group BHP, were also reportedly approached to succeed Lund.