PORT-OF-SPAIN, Trinidad—Petrochemical giant Saudi Basic Industries Corp. says it is halting plans to develop a $5.3 billion methanol complex in the energy-rich Caribbean nation of Trinidad and Tobago.

In a Sunday statement, Sabic said it decided not to continue with negotiations for the planned complex after the "relevant parties did not reach a deal on the fundamental conditions for this project."

No specifics on the differences were disclosed.

The project was expected to be a partnership with Sinopec Corp., one of China's three major state-owned oil companies.

Sabic announced a year ago that it hoped to develop the methanol plant in Trinidad.

Trinidad Energy Minister Kevin Ramnarine did not immediately return calls for comment.

The twin-island Caribbean nation is the second biggest energy producer in the Caribbean after nearby Venezuela.