The agreement, part of a broad range of pacts signed during the visit of Russian President Vladimir Putin to Saudi Arabia on Monday, will explore the option to build and operate a methanol plant with a capacity of a 2 million tonnes per annum in Russia's Amur region.
The plant's annual installed capacity is expected to be up to 2 million mt a year of methanol and will benefit from government investment incentives.
Due to sizable Gazprom investments in developing gas infrastructure and the introduction of government measures to attract investment, there is a tremendous opportunity for implementation of world-class investment projects in the Russian Far EastGrigory Berezkin, Chairman of the Board of Directors. ESN Group
SABIC CEO Yousef Al-Benyan described the agreement as an important milestone in the company's global growth strategy.