Sabic halts Trinidad project plan
Riyadh, March 4, 2013
Saudi Basic Industries Corp. (Sabic) is halting plans to develop a $5.3 billion methanol complex in the Caribbean nation of Trinidad and Tobago, a report said.
Sabic decided not to continue with negotiations for the complex after the "relevant parties did not reach a deal on the fundamental conditions for this project", the Saudi gazette report said quoting a Sabic statement.
The project was expected to be a partnership with Sinopec Corp., one of China’s three major state-owned oil companies.
More Industry, Logistics & Shipping Stories
- MAG boosts Iraq shipping capacity by 60pc
- Sabic to distribute $2.4bn dividends in H2
- Pearl diving 'regains popularity' in Bahrain
- AerCap to buy AIG aircraft leasing unit for $5.4bn
- Safco to pay $1.6 per share cash dividend
- UAE ranked 17th globally for merchandise export
- Investments in Saudi plastics sector hit $50bn
- Asry Bahrain overhaul plan approved
- DHL Mena chief wins top honour
- Dubai Investments unit wins $38m projects