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Saudi's SABIC Signs Agreement to Study Feasibility of Investing in Polish Petrochemical Sector

FILE PHOTO: The headquarters of Saudi Basic Industries Corp (SABIC) is seen in Riyadh, Saudi Arabia April 19, 2016. REUTERS/Faisal Al Nasser/File Photo
FILE PHOTO: The headquarters of Saudi Basic Industries Corp (SABIC) is seen in Riyadh, Saudi Arabia April 19, 2016. REUTERS/Faisal Al Nasser/File Photo
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Saudi's SABIC Signs Agreement to Study Feasibility of Investing in Polish Petrochemical Sector

FILE PHOTO: The headquarters of Saudi Basic Industries Corp (SABIC) is seen in Riyadh, Saudi Arabia April 19, 2016. REUTERS/Faisal Al Nasser/File Photo
FILE PHOTO: The headquarters of Saudi Basic Industries Corp (SABIC) is seen in Riyadh, Saudi Arabia April 19, 2016. REUTERS/Faisal Al Nasser/File Photo

Saudi petrochemical company SABIC has signed a joint development agreement with Saudi Aramco and PKN ORLEN, the largest energy group in Poland, to jointly assess the technical and economic feasibility of establishing a petrochemical production project in Gdańsk, Poland.

Acting CEO of SABIC Eng. Abdulrahman bin Saleh Al-Fageeh said the company's position and global presence in the chemicals sector contributed to providing innovative solutions that focus on customers in Europe and the world.

He added that the joint development agreement laid the first cornerstones towards a potential partnership with Aramco and PKN ORLEN in petrochemical production.

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Congress to Vote on New Restrictions on US Investment in China

FILE PHOTO: A person sits on a bench near Beijing's Central Business District (CBD), China July 14, 2024. REUTERS/Tingshu Wang/File Photo
FILE PHOTO: A person sits on a bench near Beijing's Central Business District (CBD), China July 14, 2024. REUTERS/Tingshu Wang/File Photo
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Congress to Vote on New Restrictions on US Investment in China

FILE PHOTO: A person sits on a bench near Beijing's Central Business District (CBD), China July 14, 2024. REUTERS/Tingshu Wang/File Photo
FILE PHOTO: A person sits on a bench near Beijing's Central Business District (CBD), China July 14, 2024. REUTERS/Tingshu Wang/File Photo

Congress is set to vote in the coming days on legislation restricting US investments in China as part of a bill to fund government operations through mid-March, lawmakers said late on Tuesday.
In October, the Treasury finalized rules effective Jan. 2 that will limit US investments in artificial intelligence and other technology sectors in China that could threaten US national security.
The bill expands on those restrictions and also includes other provisions aimed at concerns about China, including a requirement to study national security risks posed by Chinese-made consumer routers and modems and mandate reviews of Chinese real estate purchases near additional national security sensitive sites.
"China is an economic adversary and we must take bold action to safeguard our future against the Chinese Communist Party," Reuters quoted Senator Bob Casey, a Democrat, as saying.

"This legislation takes bold action to restrict US investments to stop our national security technology from getting into the hands of our adversaries before they can use it against us.”
The Chinese Embassy in Washington did not immediately comment.
The bill will also require the Federal Communications Commission to publish a list of every entity that both holds an FCC license or authorization and has any ownership by foreign adversarial governments, including China to ensure the commission "knows when telecommunications and technology companies have a connection and foreign adversary."
Washington is moving on a number of fronts to further restrict Chinese products.
An annual defense bill could ban China-based DJI and Autel Robotics from selling new drones in the United States market, while the Commerce Department is working to finalize rules in the coming weeks that would bar Chinese automakers from selling vehicles in the United States and bar China Telecom from US operations.
Lawmakers have criticized major American index providers for directing billions of dollars from US investors into stocks of Chinese companies that the US believes are facilitating the development of China’s military.
The Treasury rules and legislation cover semiconductors and microelectronics, quantum information technologies and certain AI systems aimed at preventing investments in Chinese technologies like cutting-edge code-breaking computer systems or next-generation fighter jets.
Representative Rosa DeLauro, the top Democrat on the House Appropriations Committee, said "for years I have watched American dollars and intellectual property fuel the Chinese Community Party's technology and capabilities... This legislation builds on the regulations put into place this year by the Biden Administration, and sets the stage for continued bipartisan efforts to protect and rebuild our critical national capabilities."
The outbound legislation covers technologies listed in the Treasury order and adds additional AI models that use some semiconductors, AI systems designed for exclusive military or government surveillance end use, hypersonic systems and additional export-controlled technologies.