Sabic: Dalian talks stalled

Saudi Basic Industries Corp (SABIC) said talks had stalled on a US$5.2 billion petrochemical project in China’s Dalian area, although it was making progress on another venture with Sinopec Corp. SABIC has been in talks for three years with private Chinese firm Shide to build a complex refinery which would include an oil refinery as well as an ethylene plant in northeastern Dalian. SABIC Chief Executive Officer Mohamed al-Mady said there has been no progress on the Dalian project. (October 23, 2007)