en.Wedoany.com Reported - SABIC has signed a Project Development Agreement (PDA) with Rongsheng Petrochemical Co. Ltd. and its subsidiary Rongsheng New Materials (Zhoushan) Co. Ltd. The three parties will jointly advance the Jintang New Materials Project located in Zhoushan City, Zhejiang Province.
Under the agreement, SABIC and Rongsheng Petrochemical are exploring strategic cooperation on the Jintang New Materials Project in China. This includes evaluating a potential equity stake of up to 50% for SABIC and defining the project development framework, laying the foundation for a Final Investment Decision (FID).
Dr. Faisal M. Alfaqeer, CEO and Board Member of SABIC, stated that the collaboration with Rongsheng Petrochemical reflects the company's vision of achieving growth and expanding its global footprint through strategic partnerships. SABIC continues to prioritize innovation, portfolio optimization, and sustainable value creation to strengthen its ability to serve customers worldwide. The company looks forward to working closely with Rongsheng Petrochemical to assess and advance this opportunity, combining the strengths, capabilities, and expertise of both parties.
Xiang Jiongjiong, CEO and Executive Director of Rongsheng Petrochemical, noted that this cooperation represents a milestone partnership between Rongsheng Petrochemical and SABIC, exemplifying mutually beneficial collaboration. This alliance marks a landmark achievement where two industry leaders join forces to fully leverage their respective strengths and capabilities, jointly conducting research, development, and operations in the field of advanced chemical materials. In the current complex market environment, this alliance can provide a critical stabilizing anchor for the chemical industry, enabling both partners to offer more valuable and comprehensive product solutions to customers.
The Jintang New Materials Project aims to enhance the production capacity of advanced chemical materials to meet the growing demands of key downstream industries in China and Asia. By integrating top-tier technologies, unified manufacturing, and efficient operations, the project will drive innovation, maximize competitiveness, and create long-term value for stakeholders.
