PROJECTS: SABIC’s Fujian complex, Petrokemya MTBE plant 'progressing on budget'
First published: 05-Aug-2025 11:53:15
Staff Writer
Saudi Basic Industries Corporation’s (SABIC) Fujian complex in China and the Petrokemya MTBE plant are "progressing on budget", CEO Abdulrahman Al-Fageeh said in the financial statement for the second quarter 2025.
The work on the projects is ongoing as per the planned schedule, he added.
The construction of the Fujian complex commenced in February 2024, which is expected to be completed in 2026. The complex will generate a production value of 30 billion renminbi ($4.3 billion) per year in operations and over RMB 100 billion of upstream and downstream investments.
The company’s new MTBE plant at Petrokemya, Jubail, is the single largest MTBE production plant in the world, with nameplate capacity increasing to 1,000 kilotonnes per annum.
Al-Fageeh said the company has advanced its digital transformation journey, deploying over 490 artificial intelligence (AI) models across manufacturing operations to enhance energy efficiency, planning, and emissions performance.
The cost optimisation initiatives were launched in the first quarter of 2025 as part of SABIC’s broader transformation programme.
“The program aims to deliver, by 2030, a recurring annual EBITDA impact of $3 billion from a combination of cost excellence and value creation,” the CEO said.
SABIC maintains a full-year expenditure guidance in the range of $3 to $3.5 billion, Al-Fageeh said.
The net cash position stands at 2.71 billion Saudi riyals as of 30 June 2025, compared to a net debt position of SAR 0.88 billion as of 31 March 2025.
(Editing by Anoop Menon) (anoop.menon@lseg.com)
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