The joint venture between Sinopec and Saudi Basic Industries Corp has successfully raised USD 2.8 billion financing for their petrochemical complex in Tianjin from Chinese financial institutions. Financing was provided by China Development Bank, Industrial and Commercial Bank of China, China Construction Bank, Bank of China, Agricultural Bank of China and Sinopec Finance Co.

Corporate Group partner Carolyn Dong and Finance Group partner Cai Yongmei advised the joint venture on all aspects of the financing.