Saudi Basic Industries Corporation (SABIC) announces the latest development on its joint venture with the Japan Saudi Arabia Methanol Company (JSMC), Inc.
| Element List | Explanation |
|---|---|
| Introduction | SABIC would like to announce that all regulatory approvals have been completed in relation to the extension of its joint venture with the Japan Saudi Arabia Methanol Company (JSMC), Inc. in Saudi Methanol Company (Arrazi) for 20 years (where SABIC’s share will be 75% and JSMC’s share will be 25%).
The financial impact will start in Q2’ 2019. Japan Saudi Arabia Methanol Company (JSMC), Inc. will pay SABIC US$1.35 billion in three installments, ending in 2021. In addition, 2019 financial results of Arrazi will be consolidated based on the new ownership structure. |
| Date of previous announcement | 2018-12-04 Corresponding to 1440-03-26 |
| Progress % | NA |
| Expected completion date of the event | NA |
| Reasons for exceeding the announced end date | NA |
| Expenses related to the event and whether it changed or not with the justification | NA |
| Impact of delay on the company’s financial results | NA |
| Additional Information | NA |
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