Sabic invests in Russian methanol

Sabic has agreed to build a methanol plant in Russia’s eastern Amur region with the Russian Direct Investment Fund (RDIF) and the Russian private equity firm ESN Group. The companies inked the agreement in a signing ceremony attended by Russian president Vladimir Putin and Saudi Arabia’s King Salman bin Abdulaziz Al Saud. During the ceremony, RDIF, PhosAgro, and Saudi Arabian Mining agreed to develop phosphate projects in Russia and Saudi Arabia. Earlier this year, Sabic said it will participate in South Louisiana Methanol, a joint venture that is building a $2.2 billion US methanol plant.