SAUDI Basic Industries Corp, or Sabic, will invest US$1 billion in a China Petroleum & Chemical Corp ethylene plant in Tianjin, Xinhua news agency reported, citing the Saudi Arabian company.

An initial deal, signed in late May, is pending final approval from the Chinese government, Xinhua reported from Riyadh.

The ethylene project will have annual production capacity of one million tons. Sinopec has already started work on the facility. Sinopec is Asia's largest oil refiner.

Huafeng Textile International Group Pursues listing in South Korea

HUAFENG Textile International Group Ltd, a Hong Kong-based fabrics maker, plans to sell as much as HK$300 million (US$38.4 million) in stock next month in South Korea's first initial share sale by a foreign company.

The company will use the money for mergers and acquisitions or expansion of facilities, said Chairman Cai Zhenrong.

Huafeng Textile expects to raise between HK$250 million and HK$300 million in next month's share sale, Cai was quoted as saying in a statement to South Korea's stock exchange.