Pan-Asia PET Resin (Guangzhou), a subsidiary of Full Apex (Holdings) (Singapore), plans to invest $3.8 billion in a polyester manufacturing complex at Jazan, Saudi Arabia, where Saudi Aramco is building a new refinery and a para-xylene (p-xylene) production facility.
The news follows the signing last year of an agreement between Guangzhou Industrial Development Corp. and the Royal Commission for Jubail and Yanbu to allow foreign direct investment by Chinese businesses in Jazan.
Pan-Asia PET Resin, plans to build plants producing 2.5 million metric tons/year (MMt/y) of purified terephthalic acid, 1 MMt/y of PET resin, and 200,000 metric tons/year each of polyester engineering plastics, thin film and polyester fiber. The company envisages the project’s completion in mid-2020. The commission in March allocated land for the project.
Lin Wencai, vice president of Full Apex (Holdings), says that the project will benefit from proximity to raw materials, with a large p-xylene facility under construction at Jazan and from proximity to markets in the Middle East and North Africa. Aramco has ambitions to become a major petrochemicals producer. It’s Jazan p-xylene facility will be designed for 800,000 metric tons/year.
By Natasha Alperowicz
Source: Chemical Week
Sika AG (Baar, Switzerland) has opened a new plant in Santa Cruz de la Sierra, thus doubling its production capacity for mortar and concrete admixtures in Bolivia. With this new facility in one of the country’s main industrial agglomerations, Sika is positioning itself for continued growth in the dynamic Bolivian construction market.
Chevron Corporation (NYSE: CVX) and Renewable Energy Group, Inc. (NASDAQ: REGI) (REG) announced on Monday a definitive agreement under which Chevron will acquire the outstanding shares of REG in an all-cash transaction valued at $3.15 billion, or $61.50 per share.
Lotte Chemical Corp. will invest 10 trillion won ($8 billion) on hydrogen and battery materials through 2030 to achieve annual revenue of 50 trillion won and carbon neutrality. The Korean chemical producer on Thursday unveiled its new corporate vision outlining key corporate strategies with focus on growth through hydrogen energy and battery materials businesses.
