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Saudi Basic Industries Corporation (SABIC) announces the latest development in 50/50 joint venture with (Sinopec) for the production of polycarbonate in China
| Element List | Explanation |
|---|---|
| Introduction | Referring to the announcement made by Saudi Basic Industries Corporation (SABIC) on 15 May 2022, regarding a 50/50 joint venture with (Sinopec) for the production of polycarbonate in China, SABIC would like to announce the startup of the commercial operation of the project, with an annual capacity of 260 thousand tons. The financial contribution to the company’s financial results is expected to begin during the first quarter of 2023. |
| Previous Announcement | Saudi Basic Industries Corporation (SABIC) announces the latest developments of establishment of an industrial complex for the production of polycarbonate in China from (Sinopec) |
| Date of Previous Announcement on Tadawul's Website | 2022-05-15 Corresponding to 1443-10-14 |
| Percentage of fulfilled achievement | %100 |
| Event's Expected Completion Date | The event ended on the date of the announcement. |
| Reasons for Exceeding the Announced End Date | NA |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | There is no change in the scope of the project and therefore the associated costs have not changed. |
| Impact of the Delay on the Company's Financial Results | NA |
| Additional Information | NA |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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