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Methanol Chemicals Co. Announces an update regarding the non-binding Memorandum of Understanding signed with Global Company for Downstream Industries (GDI) for supplying Methanol and Exploring Future opportunities in the field of Petrochemical Products.
| Element List | Explanation |
|---|---|
| Introduction | Further to its announcement on Tadawul on 16/10/2022 regarding the signing of a Heads of Agreement with Global Company for Downstream Industries (GDI) for entering into a strategic partnership to produce specialty chemicals, Methanol Chemicals Co. (Chemanol) announces that it has signed a Partnership Agreement with GDI on Sunday 05/02/2023 to establish a national company to produce specialty chemicals including Methyl Diethanolamine, Choline Chloride Dimethyl Disulfide, Dimethyl Sulfate, Chlorine Derivatives, Poly Alpha Olefins and Aromatic Solvents. The new company in which Chemanol share will be 60% and GDI 40% will be based in Jubail Industrial City. By establishing the said company, Chemanol aims to become one of the largest producers of speciality petrochemicals in the region especially given that all targeted products would be the first of their kind in the region. Such products would be used in many vital and strategic industries such as Oil and Gas Industry, pharmaceuticals, fertilizers, construction materials, product of fuel inputs, extraction of environmental harmful gases, carbon capture and storage technologies, recycling of catalysts, and manufacture of paints. The relevant financial impact of the new company and its projects will be determined later upon completion of all studies of new projects as well as the relevant agreements. The Company will announce any updates or developments in this regard in due course of time. |
| Previous Announcement | Methanol Chemicals Co. (Chemanol) announces an update regarding the non-binding Memorandum of Understanding signed with Global Company for Downstream Industries (GDI) for supplying Methanol and Exploring Future opportunities in the field of Petrochemical Products. |
| Date of Previous Announcement on Tadawul's Website | 2022-10-16 Corresponding to 1444-03-20 |
| Percentage of fulfilled achievement | N/A |
| Event's Expected Completion Date | N/A |
| Reasons for Exceeding the Announced End Date | N/A |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | N/A |
| Impact of the Delay on the Company's Financial Results | N/A |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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