Yusuf al-baiyan, deputy chairman and chief executive of SABIC, said: "the slowdown in global GDP growth and lower prices and margins for key product lines due to the influx of new capacity have contributed to the overall weakness in the petrochemical sector. SABIC's business performance remained strong despite the negative impact of lower petrochemical prices on its second-quarter results. "In the long run, SABIC remains optimistic about the future of the industry and we continue to make investments that will drive our business growth." "We recently received regulatory approval to increase SABIC's stake in ar-razi, the world's largest methanol plant, to 75 per cent. In addition, we have signed a partnership agreement with methanol corporation of Japan, Saudi Arabia (JSMC) to extend the partnership for another 20 years. Not only that, but our joint venture with exxonmobil in the us gulf coast has been fully approved, "added Mr Al-baiyan. At the same time, SABIC signed a memorandum of understanding to consider building a solar photovoltaic project with an estimated capacity of between 200 and 400 megawatts (peak) at the yanbu industrial zone in Saudi Arabia. The plant will be the first large-scale renewable energy project in Saudi Arabia designed to meet the needs of the private sector and led by the private sector, highlighting SABIC's relentless efforts to promote sustainable development. In response to the United Nations sustainable development goals (SDGs), SABIC also released its sustainability roadmap in June. The roadmap Outlines SABIC's ambitious goals for resource efficiency, climate change, circular economy, food security, sustainable infrastructure and environmental protection.