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Methanol Chemicals Company (Chemanol) announces the Latest Developments Regarding the Ministry of Energy's Approval for Allocating the Required Feedstock for Producing Several Specialty Petrochemical Products.
| Element List | Explanation |
|---|---|
| Introduction | with reference to the Ministry of Energy's approval for allocating the required feedstock for producing several Specialty petrochemical products as announced on 03/12/2023. Methanol Chemicals Company (Chemanol) announces that it has signed on Wednesday 08/05/2024 a Plot Allocation Agreement with Jubail and Yanbu Industrial Cities Services Company (JABEEN). Under the agreement, has allocated a plot to Chemanol in the Plas Chem Park in Jubail (2) to establish and operate a Choline Chloride and Methyl Diethanolamine Methane plant with an estimated investment of more than SAR 420 Saudi Riyals. Through the implementation of these promising projects, Chemanol aims to become one of the largest manufacturers of specialized petrochemical products in the region. It is worth mentioning that all the targeted products would be the first of their kind in the region. such products would be used in many vital and strategic industries in the Kingdom such as oil and gas, pharmaceuticals, fertilizers, construction materials, fuel additives, gas treatment, carbon capture, paints, and coatings which have a growing demand in both local and regional markets |
| Previous Announcement | Methanol Chemicals Company (Chemanol) announces the Ministry of Energy's approval for allocating the required feedstock for producing several Specialty petrochemical products. |
| Date of Previous Announcement on Saudi Exchange’s Website | 2023-12-03 Corresponding to 1445-05-19 |
| Hyperlink to the Previous Announcement on the Saudi Exchange Website | Click Here |
| Latest Developments Of The Announced Event | Signing an Industrial Plot Allocation Agreement with Jubail and Yanbu Industrial Cities (Jabeen) Services Company in the PlasChem Park Jubail (2), to establish and operate a Choline Chloride and Methyl Diethanolamine Methane plant. |
| Reasons For The Delay on The Date of The Event Previously Announced | N/A |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | N/A |
| Delay consequences on the Company’s financial results | N/A |
| Additional Information | The Company will announce any updates or developments in this regard in due course of time |
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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