Saudi company pulls out of multi-billion dollar energy project
Mar 04, 2013
PORT OF SPAIN, Trinidad, CMC – The Trinidad and Tobago government has confirmed that the construction of a multi-billion dollar methanol complex involving a Saudi Arabian company has been scrapped. Energy Minister Kevin Ramnarine confirmed international media report that the Saudi Basic Industries Corporation (SABIC) had decided not to continue with negotiations for the planned US$5.3 billion complex after the "relevant parties did not reach a deal on the fundamental conditions for this project”. Ramnarine, who is in the United States, said in a text message to a local newspaper that a formal statement would be issued later on Monday by the Ministry of Energy.
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