SABIC to halt development of $5.3 billion methanol facility in Trinidad, Tobago

5:05 AM, 4th March 2013

PORT-OF-SPAIN, TRINIDAD: Petrochemical giant Saudi Basic Industries Corp (SABIC) is halting plans to develop a $5.3 billion methanol complex in the energy-rich Caribbean nation of Trinidad and Tobago. Sabic has decided not to continue with negotiations for the planned complex after the ‘relevant parties did not reach a deal on the fundamental conditions for this project.’

No specifics on the differences were disclosed. The project was expected to be a partnership with Sinopec Corp, one of China’s three major state-owned oil companies.

0 Comments

Your Comments (Up to 2000 characters)

Please respect our community and the integrity of its participants. WOC reserves the right to moderate and approve your comment.

Submit

CAPE TOWN, SOUTH AFRICA: Oiltanking Grindrod Calulo (Pty) Ltd, subsidiary of Oiltanking GmbH, has entered into an agreement to acquire the business ...

Sealed Air elects new CEO, Jerome Peribere

ELMWOOD PARK, US: Sealed Air Corporation has elected Jerome A Peribere to the position of President and Chief Executive Officer as of 1 March 2013. Pe ...

Praxair completes the acquisition of NuCO2

DANBURY, US: Praxair Inc has completed the previously announced acquisition of NuCO2 Inc for $1.1 billion from Aurora Capital Group. “NuCO2 is ...

Mineral evolution provides evidence for early Earth chemistry

WASHINGTON DC, US: Mineral evolution is a new way to look at our planet’s history. It’s the study of the increasing diversity and ...

Oxea starts contruction of oxo derivatives plant in China

OBERHAUSEN, GERMANY: Oxea Advanced Derivatives first oxo derivatives plant in Nanjing Industrial Chemical Park, China, has successfully passed the pla ...

Kemira completes the sale of ChemSolutions’ food and pharmaceutical businesses

HELSINKI, FINLAND: Kemira Oyj has on 1 March 2013, completed the ChemSolutions' food and pharmaceutical businesses divestment together with its acet ...