Shanghai, April 06 (QNA) - Saudi Basic Industries Corp. announced on Friday that it has begun work on a $ 100 million technology center in Shanghai, focusing on alternative energy and new materials for the construction and auto sectors.
The centre is part of a wider expansion that includes a polycarbonate production complex in Tianjin, a city in northeastern China as part of its joint venture with Sinopec, Asia's biggest refiner.
The company, which manufactures fertilizers, metals and polymers, has seen strong sales and solid profits on the back of higher oil prices.
Sabic is one of the world's largest chemical producers and its investments in China are part of a bigger energy partnership that includes a buildup of jointly run refineries as well as petrochemicals plants.
The development of China's electronics, automotive, building materials and new energy sectors is boosting demand for polycarbonates and other engineering plastics. (QNA)
QNA 1945 GMT 2012/04/06
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(Originally published April 6, 2012, by U.P..I.)