Methanol Chemicals Co. Announces an update on the Latest Developments on obtaining the approval of the Ministry of Energy for allocating the required feedstock to expand the Methanol Plant

Element List	Explanation
Introduction	In reference to its announcement on Tadawul website on 01/01/2023 regarding the latest developments of Methanol plant expansion project with the company owning the technology of the existing Methanol plant, Methanol Chemicals Company (Chemanol) announces that the preliminary engineering designs for the project have recently been completed, and a competitive tender companies among the specialized contracting companies for the construction of the project has been announced.

Element List

Explanation

Introduction

In reference to its announcement on Tadawul website on 01/01/2023 regarding the latest developments of Methanol plant expansion project with the company owning the technology of the existing Methanol plant, Methanol Chemicals Company (Chemanol) announces that the preliminary engineering designs for the project have recently been completed, and a competitive tender companies among the specialized contracting companies for the construction of the project has been announced.

The company is still in the stage of selecting the qualified contractor to implement the project. Previous Announcement Methanol Chemicals Company announces the Latest Developments on obtaining the approval of the Ministry of Energy for allocating the required feedstock to expand the Methanol Plant Date of Previous Announcement on Tadawul's Website 2023-01-01 Corresponding to 1444-06-08 Percentage of fulfilled achievement 75% from tender procedure Event's Expected Completion Date The Company will announce any updates or developments in this regard in due course of time. Reasons for Exceeding the Announced End Date Due to late submission of the required information for the completion of the engineering designs by some manufacturers, in addition to involvement and commitment of most of qualified contractors in other projects in the petrochemical sector. 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

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