JEDDAH (Saudi Arabia), Feb 11: Saudi Basic Industries Corp (SABIC) and China Petroleum & Chemical Corp (Sinopec) have started negotiations with Trinidad and Tobago to build a $5.3 billion methanol complex there, Sabic said on Saturday.

Sabic and its Chinese partner obtained the approval of Trinidad and Tobago on Feb 9 after bidding against other international companies, Sabic said in a statement on the Saudi bourse website.

“This approval marks the launch of negotiations to build the complex and is not binding to either side until final agreement is reached,” Sabic added.—Reuters