Media ININ Economy We Trust
Media In / Riyadh 5 December 2018
Saudi Basic Industries Corporation (SABIC) has signed an agreement to extend its partnership with Japan United Methanol Company to expand its strategic relationship with its global partners and to strengthen its leadership position in the petrochemical industry, including methanol.
The agreement was extended for a period of 20 years and included an increase of SABIC’s stake to 75% through the acquisition of 50% of the share of JAMC (25% of the total shares of Al Razi) Saudi Arabia’s methanol (Razi), while the Japanese company’s share is only 25%.
SABIC will pay SR5 billion to SABIC for the extension of the partnership. SABIC will use all or part of this amount to maintain and raise the operational efficiency of the existing Razi plants or to establish a new plant.
Saudi Basic Industries Corporation (SABIC) has signed an agreement to extend its partnership with Japan United Methanol Company to expand its strategic relationship with its global partners and to strengthen its leadership position in the petrochemical industry, including methanol.
The agreement was extended for a period of 20 years and included an increase of SABIC’s stake to 75% through the acquisition of 50% of the share of JAMC (25% of the total shares of Al Razi) Saudi Arabia’s methanol (Razi), while the Japanese company’s share is only 25%.
SABIC will pay SR5 billion to SABIC for the extension of the partnership. SABIC will use all or part of this amount to maintain and raise the operational efficiency of the existing Razi plants or to establish a new plant.
