Saudi Basic Industries Corp (SABIC) signed Tuesday a Memorandum of Understanding with Chinas Fujian provincial government to build a petrochemical complex. The MoU sets out a framework of cooperation for the project, according to a statement posted on the Tadawul stock exchange in Saudi Arabia on Tuesday. “The MoU is part of SABICs strategy to diversify its operations, seek new investment opportunities and strengthen its position in the Chinese market,” said the company. These developments coincide with SABIC receiving approvals for the purchase of a 24.99 percent stake in Clariant. “This investment is in line with SABIC’s strategy of product diversification...and becoming a global leader in the specialties sector," SABIC said.