Sabic Innovative Plastics US LLC on July 18 signed memorandums of understanding to supply 1.3 billion pounds of polymers to eight Chinese companies. The deal was finalized at a ceremony in the Saudi Arabia pavilion at the Shanghai World Expo, according to Chinese news agency Xinhua.
The deals total 6 billion yuan ($885 million) and are considered a major cooperation with the Chinese industry, a Xinhua story reported.
The Pittsfield, Mass.-based company plans to build a research and development center in Pudong, Shanghai, where it already operates a China technology center. Sabic IP also will establish its Greater China headquarters in Shanghai by 2012, Xinhua quoted Sabic Asia-Pacific Vice President Ahmed Al Umar as saying.
Sabic IP commenced commercial production at its 6.6 billion-pound-per-year petrochemical joint venture with Sinopec in Tianjin in May. More cooperation projects between the two giants are in the works, reports say.
The expo runs May 1-Oct. 31 in Shanghai.