Saudi Basic Industries Corporation (SABIC) has inked an initial partnership agreement with South Louisiana Methanol LP. to build a methanol plant in the USA with a production capacity of 1.8 million metric tons per annum (mtpa).

 

Under the six-month agreement, both parties will discuss the economic, technical as well as the financial aspects of the potential JV, the Saudi petrochemicals giant said in a bourse filing.

 

The agreement comes within the company's diversification strategy which seeks to access new markets and buy feedstock at competitive prices.

 

South Louisiana Methanol LP is a majority-owned subsidiary of The Todd Corporation of New Zealand.

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