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Saudi Chemical Co. announces signing a Memorandum of Understanding with ORICA Mining Services (Portugal)
| Element List | Explanation |
|---|---|
| Introduction | Saudi Chemical Company Holding (SCCH), through its subsidiary Saudi Chemical Company Limited, announces signing a non-binding memorandum of understanding (MOU) with ORICA Mining Services (Portugal) to establish technical cooperation to localize the production of Ammonium Nitrate and Nitric Acid. |
| Memorandum Signing Date | 2023-01-15 Corresponding to 1444-06-22 |
| Counterparty | ORICA Mining Services (Portugal) |
| Memorandum Subject | Establish technical cooperation to localize the production of Ammonium Nitrate and Nitric Acid plants which is considered the first of its kind in the region. In addition, to introduce cutting edge technologies in the mining industry that will improve safety, productivity and ESG standards. Through this agreement the parties aim to support industries related to mining & exploration, construction & infra-structure, and cement production to realize the objectives of Saudi Vision 2030. |
| Memorandum Duration | 6 months |
| Related Parties | none |
| Financial Impact | The financial impact of this MOU cannot be determined at this stage. |
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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