Nicosia, July 3: Saudi Basic Industries Corporation (SABIC) and China Petroleum and Chemical Corporation (Sinopec) are reportedly planning to expand their cooperation in an ethylene derivatives complex in the northern Chinese port of Tianjin.

SABIC may raise its investment in the project to four billion dollars, instead of 1.7 billion dollars initially agreed between the two firms last January.

Saudi Basic Industries Corp, which is one of the biggest petrochemical companies in the world, wishes to gain a solid foothold in the fast growing Chinese petrochemical sector.

The project is considered an important component in the corporate strategy of the giant Saudi company to expand in China which imports half the petrochemicals its booming economy needs.

SABIC already has a strong relationship with Sinopec Corp. and Chinese engineers from Sinopec Corp. are currently helping to construct a world-scale polyolefins complex for SABIC affiliate Yanbu National Petrochemicals Company in Yanbu, Saudi Arabia.

Ethylene is the basic building-block for petrochemical products ranging from plastics to paints and synthetic fabrics. (ANI)