SABIC signs agreement to study feasibility for Russia methanol plant

Saudi Basic Industries Corp (SABIC) has signed a preliminary non-binding memorandum of understanding (MoU) with the Russian Direct Investment Fund (RDIF) and ESN Group on Oct.14, it said in a statement on Tadawul.

The agreement will explore the cooperation between the three parties to evaluate the building and operating a methanol plant with a capacity of up to 2 million tons per annum in the Amur region in Russia.

The duration of the agreement is 12 months and is subject to extension with no related parties.

“The MoU is part of SABIC’s strategy to diversify its operations, seek new investment opportunities and strengthen its position in the global market,” the statement said.