On July 4, it is reported that Saudi Basic Industries Corporation (Sabic), the largest petrochemical company in the Middle East, has signed an agreement with Japan's Saudi Arabian Methanol Company (JSMC) to establish a partnership with Saudi Arabia's methanol company (Ar-Razi). It will be extended for another 20 years.

The agreement was reached after a long and fruitful partnership between the two companies, marking the successful transfer of technology. It demonstrates Sabic's strategy of strengthening its global partnerships and reflects Sabike's leadership in the petrochemical industry, including methanol production.