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SABIC halts plans to build T&T plant
Petrochemical giant Saudi Basic Industries Corp (SABIC) says it is halting plans to develop a $5.3 billion methanol complex in the energy-rich Caribbean nation of Trinidad and Tobago. In a statement Sunday, SABIC said it decided not to continue with negotiations for the planned complex after the “relevant parties did not reach a deal on the fundamental conditions for this project.”
No specifics on the differences were disclosed. The project was expected to be a partnership with Sinopec Corp, one of China’s three major state-owned oil companies. SABIC announced a year ago that it hoped to develop the methanol plant in Trinidad. Trinidad Energy Minister Kevin Ramnarine did not immediately return calls for comment. T&T is the second biggest energy producer in the Caribbean after Venezuela.
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