SABIC’s stake in Ar-Razi gets regulatory nod on economic concentration
The Saudi General Authority for Competition (GAC) approved on Thursday the economic concentration arising from Saudi Basic Industries Corp's (SABIC) planned acquisition of an additional 25 percent stake in Saudi Methanol Company (Ar-Razi), Al-Eqtisadiah newspaper has reported.
In December 2018, the giant petrochemical producer signed an agreement with Japan Saudi Arabia Methanol Company (JSMC), renewing its partnership in Ar-Razi for another 20 years, Argaam reported.
Under the deal, SABIC raised its stake in Ar-Razi to 75 percent by purchasing half of JSMC’s share, reducing JSMC’s stake in Ar-Razi to 25 percent.
Ar-Razi was established in 1979, as a 50/50 joint venture between SABIC and JSMC with the aim of developing, establishing, owning and operating a methanol complex.