SABIC and Rongsheng sign PDA for Jintang New Materials project in Zhoushan
- SABIC is evaluating a potential equity investment of up to 50% in Rongsheng New Materials (Zhoushan).
- SABIC and Rongsheng Petrochemical signed a Project Development Agreement to advance the Jintang New Materials Project in Zhoushan, Zhejiang.
- The PDA establishes a framework for project development activities toward a potential final investment decision (FID).
- The project aims to expand production capabilities for advanced chemical materials to serve downstream industries in China and Asia.
Deal outline
SABIC signed a Project Development Agreement (PDA) with Rongsheng Petrochemical and its wholly owned Rongsheng New Materials (Zhoushan) to jointly advance the Jintang New Materials Project in Zhoushan, Zhejiang Province, China. Under the PDA, SABIC is evaluating a potential equity investment of up to 50% in Rongsheng New Materials and the agreement establishes a framework for project development activities toward a potential final investment decision (FID).
Executive remarks
Dr. Faisal M. Alfaqeer, SABIC CEO, said the partnership reflects SABIC’s vision for growth and global footprint expansion through a strategic, collaborative approach, prioritising innovation, portfolio advancement and sustainable value creation. Rongsheng CEO Xiang Jiongjiong described the collaboration as a landmark partnership and a model of win‑win cooperation, saying it will jointly research, develop and operate in advanced chemical materials and serve as a stabilising anchor amid complex market conditions.
Project scope
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, leveraging technologies, integrated manufacturing capabilities and operational excellence to strengthen competitiveness and foster innovation.
Source: SABIC
