Sabic signed an MOU with Russian Direct Investment Fund and ESN group to establish a Methanol Plant in Amur, Russia

Methanol plant to be established by SABIC capacity is expected to be around 1.8 MMTPA. MOU has been signed on the sidelines visit of Russian President Vladmir Putins visit to Saudi Arabia. The MOU signed is set last for 12 months from the date of signing. The main strategy behind the MOU is to diversify the operations of SABIC and to seek investment opportunities. Being a major player of methanol in the world SABIC is yet to set its ground in Russia. Due to the Gazprom investments in development of oil and gas infrastructure in Russia attrats the attention of the global investments.