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Saudi Basic Industries Corp. — M&A Activity 2019
Jan 1, 2019
53286_rns_2019-01-01_a366ec1b-c146-42a7-b599-d1699805b6a2.html
M&A Activity
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Saudi Basic Industries Corporation (SABIC) announces the signing of initial agreement to establish a potential joint venture with South Louisiana Methanol LP.
2010 · 01/01/2019 08:02:13 · Announcement #53107 · View on Saudi Exchange
Saudi Basic Industries Corporation (SABIC) announces the signing of initial agreement to establish a potential joint venture with South Louisiana Methanol LP.
| Element List | Explanation |
|---|---|
| Announcement Detail | Saudi Basic Industries Corporation (SABIC) announces the signing of initial agreement, on Monday evening 31st Dec. 2018, to establish a partnership with South Louisiana Methanol LP, The agreement sets out the main principles of cooperation between the two parties to study and evaluate the economic, technical and financial aspects of the establishment of a methanol plant with a capacity of more than 1.8 million metric tons annually, located in Louisiana, USA. |
In light of the results of the study referred to, and after obtaining the required approvals and licenses, the parties will reach to a final decision on whether to invest or not. The duration of the agreement is six months and can be extended.
The agreement is part of Saudi Basic Industries Corporation (SABIC) strategy to focus on geographic diversification of its business to reach new global markets and enable the company to access competitive feedstock.
South Louisiana Methanol LP is a majority-owned subsidiary of The Todd Corporation of New Zealand.
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.