The talks are with the world's largest petrochemical company, Saudi Basic Industries Corp (SABIC) and China Petroleum and Chemical Corp (Sinopec).
A statement from SABIC said the company and its partner, Sinopec, obtained Trinidad & Tobago government approval on February 9.
"This approval marks the launch of negotiations to build the complex and is not binding to either side until final agreement is reached," SABIC added.
Energy Minister Kevin Ramnarine confirmed on Thursday that cabinet had given approval for negotiations to begin with SABIC and Sinopec on a proposal that had submitted.
A statement from SABIC said the company and its partner, Sinopec, obtained Trinidad & Tobago government approval on February 9.
"This approval marks the launch of negotiations to build the complex and is not binding to either side until final agreement is reached," SABIC added.
Energy Minister Kevin Ramnarine confirmed on Thursday that cabinet had given approval for negotiations to begin with SABIC and Sinopec on a proposal that had submitted.
The project will see billions of dollars in foreign direct investment and requires 2,000 hectares of land available north of the Point Lisas Industrial Estate.
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