On July 16, Rongsheng Petrochemical announced that it has signed a Project Development Agreement (PDA) with Saudi Basic Industries Corporation (SABIC) and Rongsheng New Materials (Zhoushan) Co., Ltd. (a wholly-owned subsidiary of Rongsheng Petrochemical) to jointly advance the development of the Jintang New Materials Project, located in Zhoushan, Zhejiang Province, China.
Under the PDA, Rongsheng Petrochemical and SABIC are evaluating a potential equity investment by SABIC in Rongsheng New Materials, ranging from 30% up to 50%. This could transform the project into a strategic partnership between two global leaders in the petrochemical industry. The agreement also establishes a framework for cooperation during subsequent project development phases and lays the groundwork for both parties to move toward a potential Final Investment Decision (FID).
Mr. Xiang Jiongjiong, General Manager of Rongsheng Petrochemical, stated: "This partnership marks a significant milestone for both Rongsheng Petrochemical and SABIC, and it has the potential to become a model for mutually beneficial collaboration. By leveraging the respective strengths and robust capabilities of both industry leaders, we aim to jointly develop advanced chemical materials and collaborate on operations. In today’s complex and volatile market environment, this partnership will serve as a stabilizing force for the chemical industry, enabling us to deliver higher-value, comprehensive product solutions to our customers."
Dr. Faisal M. Alfaqeer, CEO and Executive Board Member of SABIC, remarked: "This collaboration with Rongsheng Petrochemical reflects SABIC’s vision to drive business growth and expand our global footprint through strategic alliances. SABIC remains committed to innovation, the upgrading of our product portfolio, and the creation of sustainable value, all while continuously enhancing our ability to serve customers worldwide. We look forward to working closely with Rongsheng Petrochemical, combining our respective strengths, capabilities, and expertise to evaluate and advance this opportunity."
The Jintang New Materials Project is designed to increase production capacity for advanced chemical materials, supporting the growing market demand from key downstream industries in China and across Asia. The project is expected to leverage world-class technology, integrated manufacturing capabilities, and operational excellence to further enhance competitiveness, stimulate innovation, and create long-term value for all stakeholders.
About SABIC:
SABIC (Saudi Basic Industries Corporation) is a globally renowned diversified chemicals company headquartered in Riyadh, Saudi Arabia. It operates world-class manufacturing facilities across the Americas, Europe, the Middle East, and the Asia-Pacific region, with a product portfolio spanning chemicals, commodity and high-performance plastics, and agri-nutrients. SABIC is committed to helping its customers identify and capture opportunities in key end-use sectors, including automotive, healthcare, electrical and electronics, packaging, agriculture, consumer goods, and construction.
With a global workforce of over 26,000 employees, SABIC serves customers in more than 140 countries and regions. Driven by a spirit of innovation and ingenuity, the company holds over 10,700 patents and operates multiple technology and innovation centers worldwide.
About Rongsheng Petrochemical:
Rongsheng Petrochemical is a leading global chemical materials enterprise. It operates a diverse portfolio of chemical projects—including one of the world’s largest integrated refining and petrochemical complexes—with a total chemical production capacity exceeding 60 million tons. The company is a major global producer of polyesters, engineering plastics, polyolefins, rubber, and new energy materials. It ranks first globally in the production capacity of PX and PTA, and maintains a top-tier global position in the production of core products such as PE, PP, PET, EVA, ABS, PC, and rubber.
Rongsheng Petrochemical continues to deepen its global industrial footprint. Thanks to its comprehensive industrial chain and competitive global advantages, the company earned several prestigious industry rankings in 2025: 5th place among the world’s most valuable chemical brands, 7th place in the global chemical industry’s "Billion-Dollar Club," and 9th place among the top 100 global chemical companies.
