SABIC Backs Rongsheng in 67.5 Billion Yuan Zhoushan Petrochemical Project

China's Rongsheng Group is advancing a 67.5 billion yuan new materials petrochemical complex on Jintang Island in Zhoushan with strategic capital from Saudi Arabia's SABIC. The project targets high value-added downstream chemical products including performance resins and specialty polyesters. The collaboration establishes an integrated cross-border supply chain combining Gulf energy resources with Chinese engineering and manufacturing.

Published October 12, 2026 Source: Seetao

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China's Rongsheng Group has advanced a 67.5 billion yuan new materials petrochemical complex situated on Jintang Island in Zhoushan, drawing strategic capital and participation from Saudi Arabia's SABIC, according to Seetao.

The venture focuses on high value-added downstream chemical products, including high-performance resins, biodegradable plastics, specialty polyesters, and high-end technical fibers.

The agreement deepens operational integration between Saudi upstream energy resources and capital and Chinese engineering device design alongside EPC general contracting management, creating a direct cross-border supply chain between Gulf petrochemical investment and China's industrial manufacturing ecosystem.