Sabic advances as joint venture with China's Sinopec materializes
2012-04-03 - | Saudi Arabia | Latest News - Saudi Arabia: The Saudi Arabian Tadawul market index added 0.28% Tuesday, closing at 7,930.58 points. Dairy food producer Almarai gained the most (up 10%), while Saudi Electricity was the top losing share (off 5.38%). Global petrochemicals and metals producer Sabic advanced 0.23%. Earlier in the day, Sabic announced the foundation of a polycarbonate project in the Eastern coastal city of Tianjin near the capital Beijing, with an annual production of 260 kilo metric tons in collaboration with China Petroleum Chemical Corporation, known as Sinopec. "The 50/50 joint venture aims to form a $1.7bn polycarbonate project in Tianjin, which is expected to be operational by 2015," Sabic said in a statement to the Tadawul bourse.  

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