RIYADH: The Saudi Basic Industries Corp. (SABIC) said on Sunday that the Chinese Ministry of Commerce, which began investigation in cases filed by a number of Chinese raw coal-based methanol manufacturing companies to impose protectionist duties against Saudi methanol on the ground of dumping, have not yet taken any action for the clarification of all parties concerned.
In a statement posted on Tadawul’s website, SABIC noted that no protective duties have been imposed on Saudi methanol, and consultations were still under way to refute the arguments of dumping, while the Saudi Ministry of Commerce and Industry and the Saudi Embassy in China are currently negotiating with the concerned Chinese authorities to resolve the issue amicably in the light of the strong links between the two countries. The Saudi production of methanol amounts to 6.2 million tons. Out of this volume, SABIC produces 83 percent.SABIC exports 70 tons per month to the Chinese market, or 16 percent of SABIC’s methanol production, the Saudi Press Agency said.