BEIJING--July 24, 2008--Researched by Industrial Info Resources (Sugar Land, Texas)--At the International Oil Conference in Jeddah, Saudi Arabia, China National Petroleum & Chemical Corporation (NYSE:SNP) (Sinopec) (Beijing) and Saudi Arabia Basic Industries Corporation (SABIC) signed an agreement regarding SABIC's investment in Sinopec Tianjin Petrochemical's 1 million-ton-per-year ethylene project. The project is the largest ever undertaken by Tianjin, with a total investment value of $3.95 billion. As early as June of last year, SABIC and Sinopec reached an initial agreement that SABIC would invest $1 billion into the ethylene project.