Saudi Basic Industries Corporation (SABIC) has pulled out of a proposed $5.3bn methanol-to-olefins project in Trinidad and Tobago, along with partner Sinopec of China. In a statement to the Saudi Stock Exchange (Tadawul) on 3 March, SABIC said: “The relevant parties did not reach a deal on the fundamental conditions for this project and SABIC’s decision in consultation with the concerned parties on 3 March was not to continue the negotiations.”
Trinidad and Tobago’s energy ministry issued a press statement on 4 March which said that “after several months of candid discussion, the parties mutually agreed to suspend negotiations in the absence of a consensus on a gas supply contract.” The ministry added that the development of an integrated methanol and downstream processing facility using gas feedstock remains an objective of the government. (CONTINUED - 255 WORDS)
