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

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

5:05 AM, 4th March 2013
SABIC to halt development of $5.3 billion methanol facility in Trinidad, Tobago

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.

© Associated Press News

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