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Originally published Sunday, March 3, 2013 at 9:07 AM

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Saudi's Sabic halts plans to build Trinidad plant

Petrochemical giant Saudi Basic Industries Corp. says it is halting plans to develop a $5.3 billion methanol complex in the energy-rich Caribbean nation of Trinidad and Tobago.

The Associated Press

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PORT-OF-SPAIN, Trinidad —

Petrochemical giant Saudi Basic Industries Corp. says it is halting plans to develop a $5.3 billion methanol complex in the energy-rich Caribbean nation of Trinidad and Tobago.

In a Sunday statement, Sabic said it decided not to continue with negotiations for the planned complex after the "relevant parties did not reach a deal on the fundamental conditions for this project."

No specifics on the differences were disclosed.

The project was expected to be a partnership with Sinopec Corp., one of China's three major state-owned oil companies.

Sabic announced a year ago that it hoped to develop the methanol plant in Trinidad.

Trinidad Energy Minister Kevin Ramnarine did not immediately return calls for comment.

The twin-island Caribbean nation is the second biggest energy producer in the Caribbean after nearby Venezuela.

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