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Saudi Chemical Company Holding (SCCH), Announces an Update on the Company of Receiving Gas Allocation Letter from the Ministry of Energy.
| Element List | Explanation |
|---|---|
| Previous Announcement | Saudi Chemical Company Holding (SCCH), through its subsidiary Saudi Chemical Company Limited, Announces Receiving Gas Allocation Letter from the Ministry of Energy. |
| Date of Previous Announcement on Saudi Exchange’s Website | 2023-02-27 Corresponding to 1444-08-07 |
| Hyperlink to the Previous Announcement on the Saudi Exchange Website | Click Here |
| Latest Developments Of The Announced Event | Saudi Chemical Company Holding (SCCH), through its subsidiary Saudi Chemical Company Limited (SCCL), and Dyno Nobel signed a non-binding Memorandum of Understanding for establishing a production facility to produce Ammonium Nitrate and Nitric Acid in Ras Al Khair. The duration of the Memorandum is (6) six months, during which the preliminary studies and the financial model of the project will be re-verified, and the preliminary designs will be created by one of the specialized engineering companies in order to make the final assessment of the feasibility of the project. This project is the first of its kind in the region, which will contribute to supporting vital sectors and strategic projects linked to the Kingdom’s Vision 2030, by localizing the production of raw materials necessary for the manufacturing of civil and military explosives to develop defense and mining industries solutions in Saudi Arabia. Commenting on the MOU, Eng. Thamer Al-Muhid, GCEO & MD, said: “We are proud to be partnering with Dyno Nobel and bringing together expertise and resources to promote the realization of our Country’s ambitious Vision 2030 programs. We are confident that this collaboration will enhance innovation, create value, develop, and localize the Kingdom's industrial landscape” |
| Reasons For The Delay on The Date of The Event Previously Announced | None |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | The financial impact of this MOU will be determined later. |
| Delay consequences on the Company’s financial results | None |
| Additional Information | None |
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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