Saudi Arabian petrochemicals company Sabic is committed to further collaborating with upstream and downstream value chain partners to unlock huge opportunities in China, thereby driving the innovative development and structural transformation of the petrochemicals industry in the country, its top executive said.

"China, as one of our priority markets that contributes close to 20 percent share of Sabic's total revenue, stands at the forefront of our preferred investment destinations," said Sabic CEO Abdulrahman Al-Fageeh.

"With a double-digit year-on-year growth in volume here that accounts for more than half of total volume in Asia, Sabic will continue to seize the opportunities in China as a 'local player' with a strong local strategy and thrive to become the preferred world leader in chemicals," he said.

"As the country continues to pursue high-quality development, we are glad to see that China has been steering the growth path to high-quality development and ranking sustainability and innovation high on its agenda as primary drivers of growth. This additionally sets the tone for the development of the petrochemical industry, featuring a reasonable structural layout that is green, safe, and low-carbon and offering abundant opportunities for industry leaders such as Sabic."

China, a leading market for chemicals which accounts for more than 40 percent of global petrochemical demand, is projected to contribute 29 percent, the largest share, to global petrochemical capacity additions by 2030, according to data and analytics company GlobalData.

On a path to high-quality development, this vast market, robust infrastructure and preferential policies are bound to give rise to emerging opportunities in Sabic's focus industries, such as 5G communication, electric vehicles, photovoltaic power, chemical and mechanical recycling, he said.

Though it faces some serious global issues such as climate change, Al-Fageeh said he believes operating sustainably is the only path to future growth for the petrochemical industry.

"The intrinsic requirement of high-quality industrial and economic development in China deeply resonates with Sabic, which is why we position innovation as the driving force of everything we do," he said.

"We will also keep exploring new investment opportunities in China in connection with our global network and our partners, and manifesting a shared future for the chemicals industry in China and beyond."

The company kicked off construction of the Sabic Fujian Petrochemical Complex this year, an ethylene project located in East China's Fujian province, one of the seven national petrochemical hubs in China.

The high-end chemical products it will supply are expected to support a wide range of applications that drive economic growth.

The complex is another centerpiece of Sabic's growing investment footprint in China, demonstrating the petrochemical giant's commitment to further expand its presence in the country's petrochemical sector, said Luo Zuoxian, head of intelligence and research at the Sinopec Economics and Development Research Institute.

The complex is by far the largest one-off foreign investment in Fujian and a major cooperation project between companies in China and Saudi Arabia, Luo said, adding that the mutually beneficial collaboration sets an exemplary precedent for future partnerships between China and petroleum-exporting countries.

Al-Fageeh said the company remains committed to making efforts to advance wider and deeper collaboration in multiple areas, looking for more opportunities in the petrochemical sector in China, and achieving joint growth by fully utilizing respective advantages.

Although the global economy has faced multiple challenges in recent years, the company still sees reasonable growth in China, the world's second-largest economy, and potential for continuous expansion, he said.

"The advancement of high-level opening-up and the further intensification of efforts to attract foreign investment have created a more appealing business environment in China for multinational companies like Sabic," he said.

"With the restrictions on foreign investment access in the manufacturing sector lifted completely, for example, it is more convenient for us to nurture cooperation, foster innovation and achieve mutually beneficial development."