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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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Egypt Quarterly Current Account Deficit Eases to $2.1 Billion on Higher Remittances

A man walks in front of the new headquarters of Central Bank of Egypt, in Cairo, Egypt, November 3, 2024. (Reuters)
A man walks in front of the new headquarters of Central Bank of Egypt, in Cairo, Egypt, November 3, 2024. (Reuters)
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Egypt Quarterly Current Account Deficit Eases to $2.1 Billion on Higher Remittances

A man walks in front of the new headquarters of Central Bank of Egypt, in Cairo, Egypt, November 3, 2024. (Reuters)
A man walks in front of the new headquarters of Central Bank of Egypt, in Cairo, Egypt, November 3, 2024. (Reuters)

Egypt's current account deficit narrowed to $2.1 billion in January to March 2025 from $7.5 billion in the same period a year earlier, the central bank said on Tuesday.

The central bank attributed the slimmer deficit to the increase in remittances from Egyptians working abroad, as well as a rise in the services surplus due to higher tourism revenue.

Oil exports declined to $1.2 billion, from $1.4 in the year earlier, while imports of oil products rose to $4.8 from $3.4 billion.

Egypt has sought to import more fuel oil and liquefied natural gas this year to meet its power demands after disruptions to gas supply led to blackouts over the last two years.

Concerns over supplies increased after the pipeline supply of natural gas from Israel to Egypt decreased during Israel’s air war with Iran last month.

Revenues from the Suez Canal, declined to $0.8 billion in the third quarter of the country’s financial year, from $1 billion the same time a year ago, as Yemeni Houthis' attacks on ships in the Red Sea continued to cause disruption.

The Iran-aligned group says it attacks ships linked to Israel in support of Palestinians in Gaza.

Meanwhile, Egypt’s tourism revenues reached $3.8 billion, compared to $3.1 billion in the same period in 2023/24.

Remittances from Egyptians working abroad increased to $9.3 billion, from $5.1 billion. The increase in remittances has helped to reduce the wider trade deficit.

Foreign direct investment hit $3.8 billion, compared to $18.2 billion in the same quarter a year before.

Egypt has suffered an economic crisis exacerbated by a foreign currency shortage, which forced it to undergo economic reforms under an $8 billion IMF program that included allowing its pound to depreciate sharply last year.