December 2018: Methanol – Extension of the agreement between Mitsubishi and Sabic
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Mitsubishi and Sabic have extended their partnership in Japan Saudi Arabia Methanol Company (JSMC, Ar-Razi) for another 20 years. 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.