Riyadh — Mubasher: Saudi Methanol Company (Ar-Razi), a subsidiary of Saudi Basic Industries Corporation (SABIC), received approval from the Ministry of Energy for the allocation of feedstock required to establish a new methanol production plant.
The facility, to be located in Jubail Industrial City, is designed with a planned annual production capacity of 1.80 million tons.
The project aligns with the long-term strategy of SABIC to maximize shareholder returns and strengthen its core business model for future growth.
The company stated that the new plant supports the industrial development goals of Saudi Vision 2030 by enhancing the Kingdom's position as a global leader in the petrochemical sector.
SABIC confirmed that further material developments regarding the project, including the final investment decision, will be disclosed at a later date.
The company expressed its appreciation to the Ministry of Energy for its ongoing support in facilitating the expansion of national industries.
In the first half (H1) of 2026, SABIC reported net losses valued at SAR 820 million, an annual drop of 84.47% from SAR 5.28 billion.
