SABIC abandons $5.3bn Caribbean petchem project

Firm says no agreement reached with Trinidad and Tobago govt, partners

NEWS, Business

Saudi Basic Industries has announced that it will not go ahead with a previously announced plan to build a $5.3bn petrochemicals complex in the Republic of Trinidad and Tobago.

The firm had announced in February last year that both it and its partner Chinese Petrochemicals Corporation (Sinopec) had entered into negotiations over the development of the facility which would convert methanol into olefins.

However, in an update on the project earlier today the company said that "the relevant parties did not reach a deal on the fundamental conditions for this project".

It added that it decided yesterday not to continue talks on the proposals.

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