The companies have agreed on potential investment to jointly advance the development of the Jintang New Materials Project in Zhoushan, Zhejiang Province, China
GPCA’s founding member, SABIC, has signed a Project Development Agreement (PDA) with Rongsheng Petrochemical and its wholly owned subsidiary Rongsheng New Materials (Zhoushan) to jointly advance the development of the Jintang New Materials Project in Zhoushan, Zhejiang Province, China.
Under the agreement, SABIC and Rongsheng Petrochemical are evaluating a potential equity investment by SABIC up to 50% of Rongsheng New Materials, positioning the project as a strategic collaboration between two leading global petrochemical companies.
The Jintang New Materials Project is designed to enhance production capabilities for advanced chemical materials and support growing demand from key downstream industries in China and Asia.
The project is expected to leverage world-class technologies, integrated manufacturing capabilities and operational excellence to strengthen competitiveness, foster innovation and create long-term value for all stakeholders.
