Saudi Basic Industries Corp. announces signing initial non-binding Memorandum of Understanding with RDIF and ESN Group
|Introduction||SABIC announces signing initial non-binding Memorandum of Understanding (MoU) with RDIF (Russian Direct Investment Fund) and ESN Group on Monday 14th October 2019. This is a prelimeray step towards exploring the cooperation between the three parties to evaluate building and operating a methanol plant with a capacity of up to 2 million tons per annum in the Amur Region of Russia. |
The MoU is part of SABIC's strategy to diversify its operations, seek new investment opportunities and strengthen its position in the global market
|Memorandum Signing Date||2019-10-14 Corresponding to 1441-02-15|
|Counterparty||RDIF & ESN Group|
|Memorandum Subject||Build and operate a methanol plant with a capacity of up to 2 million tons per annum|
|Memorandum Duration||12 months from date of signing the MoU, with possibility of extension|
The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.