SHANGHAI, Jan 31 (Reuters) - China Petroleum and Chemical Corporation and Saudi Basic Industries Corporation (SABIC) will build a one million tonne ethylene derivatives complex in China's northern city of Tianjin, SABIC said on Thursday.

The total investment of the 50/50 joint venture between Sinopec (SNP.N: Quote, Profile, Research)(600028.SS: Quote, Profile, Research) and SABIC 2010.SE will be around $1.7 billion, with the complex scheduled to be completed by September 2009, SABIC said in a press release.

The heads of agreement was signed in Beijing on Thursday. (Reporting by Rujun Shen, editing by Anthony Barker)