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SABIC pulls out of Trinidad and Tobago project
- Saudi Arabia: Sunday, March 03 - 2013 at 17:33
The Saudi Arabian Tadawul All-Share Index fell 0.41% to 6,988.07 points Sunday. Market bellwether Saudi Basic Industries Corporation or SABIC slipped 0.27% to SR91.75. Earlier in the day, the world's biggest petrochemicals producer with reference to its announcement on Nov. 2 2012 about acceptance the government of the Republic of Trinidad and Tobago to engage in the negotiations for the manufacturing of petrochemicals with SABIC and China's Sinopec to implement of a complex for the production of methanol converted to olefins in Trinidad and Tobago at an estimated cost of about $5.3bn, SABIC said that the relevant parties did not reach a deal on the fundamental conditions for this project. As a consequence, SABIC decided "in consultation with the concerned parties on 3/3/2013 not to continue the negotiations on this project."
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Gérard Al-Fil, Financial JournalistSunday, March 03 - 2013 at 17:33 UAE local time (GMT+4)
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