Apr. 9, 2012 (China Knowledge) - Saudi Basic Industries Corp, or SABIC, the world's largest chemical producer by market value, has kicked off construction on a research and development center in Kangqiao, Pudong New Area of Shanghai
, with an investment of US$100 million.
The new facility, which will house approximately 400 employees, including over 200 scientists and engineers, is expected to be completed in 2013.
The global leading chemical company said the R&D center will focus on advanced engineering plastics materials used in industries, such as automobile, personal electronics, IT, alternative energy and construction.
Several officials, including SABIC Chairman and ambassador of Saudi Arabia in China initiated the ground-breaking ceremony for the center.
We are confident that SABIC will empower more industries to innovate with its material solutions, said Liu Zhengyi, deputy governor of Shanghai
Pudong New Area.
SABIC is 70% owned by the government of Saudi Arabia, sources reported.