Saudi Basic Industries Corp. (SABIC) on Tuesday signed a memorandum of understanding (MoU) with Fujian Provincial Government in China to develop a world scale petrochemical complex in Fujian.
The preliminary agreement will remain in effect for an indefinite period of time, the petrochemical giant said in a bourse statement.
The MoU comes as part of SABIC's strategy to diversify its operations, seek new investments and strengthen its position in the Chinese market.
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