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Basic Chemical Industries Co Decides Against Renewal of Italmatch Middle East Contract

MT Newswires·01/05/2026 08:55:28
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08:55 AM EST, 01/05/2026 (MT Newswires) -- Basic Chemical Industries Co (SASE:1210) decided not to renew its memorandum of understanding with chemical group Italmatch Middle East when the current term expires. The move follows the extended timelines and the resulting lack of "tangible" project progress, according to a Monday release. The Saudi Arabia-listed chemicals manufacturer noted that it is not closing any doors to potential collaborations with Italmatch in the future. The MoU was originally signed by the companies in May 2023.