November 2018: Methanol – Possible extension of the current agreement between Mitsubishi and Sabic
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Mitsubishi and Sabic are negotiating to extend their partnership in Saudi Methanol Company (Ar-Razi) after November 29, 2018. With an annual production of about 5 million tons in Jubail, Ar-Razi is the world’s largest single chemical methanol production complex. During the 1973 oil crisis, Roger Tamraz conceived, negotiated and financed the start, in 1979, of this project (which later had 5 expansions) through a 5-year supply contract of 100 million barrel of Saudi crude oil to Japan.