Media ININ Economy We Trust
Media In / Riyadh 1 July 2019
Saudi Basic Industries Corporation (SABIC) signed an agreement today in Tokyo to extend its partnership with Saudi United Methanol Company in Al-Razi, a subsidiary of SABIC, after a successful partnership that lasted for many years. Petrochemicals Sector.
The agreement comes within the framework of SABIC’s strategy to develop the relationship with global partners and to strengthen its leadership position in the petrochemical industry, particularly methanol.
The deal, which has been extended for 20 years, after the approval of the competent authorities to move forward, to increase the share of SABIC to 75% in Al-Razi and the Japanese company’s share to 25% only, and the Japanese company to pay more than five billion Saudi riyals To SABIC for the extension of the partnership, where SABIC uses the entire amount or part of it to finance
A project aimed at increasing the operational efficiency of the existing “Al Razi” plants or to establish a new plant.
Under this agreement, SABIC will be a partner in the new technology for the new methanol plant and will be fully entitled to use the technology in the company’s promising investment opportunities both inside and outside the Kingdom.
