Pan-Asia PET Resin (Guangzhou) Co., one of China’s top polyethylene terephthalate (PET) bottle suppliers, plans to break ground at a new petrochemicals plant in Saudi Arabia’s Jazan Economic City in March 2018, China Daily reported.
The first phase of the $3.8 billion project is expected to launch by August 2020.
The plant includes facilities for the annual production of 2.5 million metric tons of purified terephthalic acid, 1 million tons of PET, 200,000 tons of engineering plastic, 200,000 tons of thin film, 200,000 tons of polyester fiber, and 5,000 tons of heavy equipment, it was reported.
Saudi Arabia’s Royal Commission for Jubail and Yanbu (RCJY) signed an agreement with Pan-Asia in March to allocate a site for Jazan Petrochemicals plant, on the sidelines of the Saudi-Chinese Investment Forum.
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