04 March 2013 02:06 [Source: ICIS news]
SINGAPORE (ICIS)--Saudi Basic Industries Corp (SABIC) is scrapping its plans to develop a $5.3bn (€4.08bn) methanol to olefins production complex in Trinidad and Tobago, the Saudi petrochemicals major said over the weekend.
“The relevant parties did not reach a deal on the fundamental conditions for this project,” it said in a statement on the Saudi bourse, also called Tadawul, on 3 March.
The company did not elaborate further on its decision not to continue the negotiations on the project.
SABIC and China’s state-owned refiner Sinopec announced early last year that it would begin negotiations with the Trinidad and Tobago government to build the complex.
($1 = €0.77)
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