An Arabic petrochemicals giant is set to build a new technology centre in Shanghai.
Saudi Basic Industries Corp (SABIC) has begun work on a new $100 million technology centre in Shanghai, which will focus on alternative energy and new materials for the construction and auto sectors, specifically, developing next generation energy vehicles.
The new complex will form part of a wider expansion, which includes a joint venture polycarbonate production complex in Tianjin, in collaboration with Asian giant Sinopec.
SABIC is one of the world's largest chemical producers, whose diversified interests of fertilizers, metals and polymers has helped the company realise strong global sales in spite of rocketing oil prices.
Currently, the Chinese government is heavily backing “new industries”, such as renewable energy and electric vehicles, as the country shifts its focus from heavy manufacturing to more high-tech industries.