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RIYADH, Saudi Arabia — Saudi Basic Industries Corp., or Sabic, and China Petrochemical and Chemical Corp., or Sinopec, have agreed to start negotiations with Trinidad and Tobago to possibly build a $5.3 billion methanol complex in that country, according to MarketWatch.
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.