Chinese Firm to Build Polyester Plants in Saudi Arabia

Pan-Asia PET Resin (Guangzhou) Co., Ltd., a subsidiary of Full Apex (Holdings) Limited, plans to invest US$3.8 billion to build a polyester plant complex in Jizan, Saudi Arabia. Saudi Aramco is building a new refinery and a paraxylene facility in the region.
Guangzhou Industrial Development Corporation and Saudi Arabia’s Royal Commission (Jubail and Yanbu) signed a foreign direct investment agreement last year, allowing Chinese enterprises to build plants in Jizan.
Pan-Asia PET Resin (Guangzhou) plans an integrated project to create production capacities for 2.5 million t/a of purified terephthalic acid, 1 million t/a of PET resin, 200 000 t/a of PET engineering plastics, 200 000 t/a of films and 200 000 t/a of polyester fiber. The company estimates that the project will be completed in mid-2020. The Royal Commission allotted lands for the project in March 2017.