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FINANCIAL NEWS
SABIC, Sinopec in discussions with Trinidad to build methanol plant
12 Feb 2012
(MENAFN) Saudi Basic Industries Corp. (SABIC) said that the firm and its Chinese partner China Petroleum & Chemical Corp (Sinopec) were in talks with Trinidad and Tobago to construct a USD5.3 billion methanol plant in the African country, reported Arab News.
The Saudi firm added that after bidding against other global companies, it got the approval along with Sinopec to build the plant, which would produce methanol and then transfer it to olefins.
On the other hand, Sabic said that it has an agreement with Sinopec to establish a USD1 billion polycarbonate factory in Tianjin, where the two firms have already began operating a petrochemical joint venture in 2010.
It is worth noting that SABIC, which makes chemicals, fertilizers, plastics and metals used in paint, rubber, textiles, cleaning and other consumer products, is the world’s largest petrochemical firm by market value.
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