December 5, 2018 / 1:17 PM / 6 days ago

Saudi's SABIC raises stake in Ar-Razi to 75 pct, renews JSMC partnerhsip

DUBAI, Dec 5 (Reuters) - Saudi Arabia’s SABIC said on Wednesday it had signed an agreement with the Japan Saudi Arabia Methanol Company (JSMC), renewing its partnership in the Saudi Methanol Company (Ar-Razi) for another 20 years.

Under the agreement, SABIC will raise its stake in Ar-Razi to 75 percent by purchasing half of JSMC’s share, which represents 25 percent of all Ar-Razi shares, reducing JSMC’s stake in Ar-Razi to 25 percent, the company said in a statement.

Under the previous arrangement, SABIC had the right to buy the 50 percent share held by JSMC in Ar-Razi on the agreement’s expiry on Nov. 29. (Reporting by Maha El Dahan; Editing by Mark Potter)

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