MOSCOW (MRC) -- Sabic and Sinopec announced the commercial operation of a new polycarbonate (PC) plant at their 50-50 joint venture (JV) - Sinopec Sabic Tianjin Petrochemical Co Ltd (SSTPC), said the company.
Established in 2009, SSTPC is a mega-size petrochemical complex that already consists of nine world-scale production plants producing chemicals, polyethylene, and polypropylene. With an annual designed capacity of 260 KT, the new PC plant is a vital component of Sabic's PC growth strategy in China, allowing for further collaborations with global and local customers.
The development of the PC plant marks the next chapter of the JV and strengthens the partners' capability to meet regional PC market demands. The availability of SABIC's polycarbonate will primarily be for customers in the Greater China region, targeting major PC-related industries such as Electricals & Electronics, Consumer Goods & Appliances, automotive, healthcare products and Building and Construction applications. SABIC's portfolio of PC materials produced at SSTPC will be marketed under its LEXAN™ resin brand.
We remind, Saudi Basic Industries Corp (Sabic), one of the leading global petrochemical companies, today (August 3) reported a 85% plunge in its net profit for the second quarter which fell to SR1.18 billion (USD315 million) from SR7.9 billion (USD2.1 billion) last year mainly due to lower average sales prices. The net profit beat analysts’ mean estimate of SR1.05 billion, according to data compiler Refinitiv. Announcing its results for the three-month period ended June 30, 2023, Sabic said the group's average selling prices fell by 26%, while sales volumes were 4% lower due to scheduled maintenance activities.