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SABIC and Sinopec to build USD5.3 bln methanol complex

February 15/2012

(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.

Author:Anna Larionova
Category:General News
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