Saudi petrochemicals giant Sabic, China’s Rongsheng Petrochemical and the latter’s Rongsheng New Materials (Zhoushan) subsidiary signed a Project Development Agreement (PDA) on 16 July to jointly advance the development of the Jintang New Materials Project in Zhoushan, Zhejiang Province, China.
Under the PDA, Sabic is to take an equity position in Rongsheng New Materials of up to 50%. In a joint statement, the companies said that the agreement “establishes a framework for project development activities towards a potential final investment decision (FID).” (CONTINUED – 356 WORDS)
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