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SABIC, Japan Methanol extend partnership in Ar-Razi for 20 years
Saudi Basic Industries Corp (SABIC) has obtained the regulatory approvals required for extending partnership with Japan Saudi Arabia Methanol Co. (JSMC) Inc. in Saudi Methanol Company (Ar-Razi) for 20 years.
JSMC will pay SABIC $1.35 billion in three installments until 2021. In addition, Ar-Razi’s 2019 financial results will be consolidated based on the new ownership structure, the petrochemical producer said in a statement to Tadawul on Monday.
“The financial impact will start in Q2 2019,” SABIC added.
SABIC owns 75 percent of Ar-Razi shares, while JMSC holds the remaining 25 percent.
In December 2018, SABIC extended its partnership agreement with JMSC, Argaam reported.
SABIC said it will buy a 25 percent stake in Ar-Razi from JSMC for $150 million and up its stake in the company to 75 percent.
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