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Sabic to evaluate the potential for a methanol plant investment in the Russian Far East

CIS GAS MONETISATION

Sabic to evaluate the potential for a methanol plant investment in the Russian Far East

Saudi Basic Industries Corporation signed a preliminary agreement with the state-controlled Russian Direct Investment Fund and Moscow-based ESN Group for a potential investment in a methanol plant in the Russian Far East - The National reports.

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 East

Grigory 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.

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