Japan Saudi Methanol Co. (JSMC) continue Partner with Saudi Basic Industries Corp (SABIC)
Japan Saudi Methanol Co. (JSMC) a subsidiary of Mitsubishi Gas Chemical announced that it will continue its partnership with SABIC in JSMC. The partnership deal is extended for a 20 year period. In December 2018, SABIC had announced that it will going to acquire 50 percent stake of JSMC worth USD 150 million, after acquiring 50 percent share in JSMC, the SABIC will have a total 75 percent stake in the organization.
As per the new partnership contract JSMC have to pay USD 1350 million to SABIC in three equal installment. Moreover, Mitsubishi Gas Chemical parent company of JSMC will discuss about new methanol technology and commercialization with SABIC to reduce energy and operational cost.