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(nasdaq) --
Saudi Basic Industries Corp., or Sabic, and China Petrochemical and Chemical
Corp. (SNP), or Sinopec, have agreed to start negotiations with Trinidad and
Tobago to possibly build a USD5.3 billion methanol complex in that country,
according to the world's largest petrochemical maker by market
value.
Sabic and Sinopec together were selected by Trinidad and Tobago
over other international bidders, Sabic said in a statement posted on the Saudi
bourse website Saturday.
The approval is for the start of negotiations on
establishing the complex, and is not binding for either side, the statement
added.
Last month Sabic signed a protocol of cooperation with Sinopec to
explore new business opportunities.
Sabic is 70 percent owned by the government of Saudi Arabia.
mrcplast.com |
