| Element List | Explanation |
|---|---|
| Announcement Detail | Methanol Chemicals Company (Chemanol) announces that one of its subsidiaries (Madarat Al-Dhara Chemicals Company which specializes in the production of speciality chemicals) has signed a long-term Heads of Agreement with Sadara Chemical Company to supply Ethylene Oxide to Madarat Al-Dhara’s Methyl Diethanolamine (MDEA) and Choline Chloride projects which will serve as the nucleus of the Company’s projects. |
Fostering its subsidiaries, Chemanol aims to become one of the largest producers of Speciality petrochemicals in the region 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 & Gas Industry, Nutrition additives industry, extraction of environmental harmful gases, carbon capture and storage technologies and others. In Addition, these two projects will enable further investments in downstream and specialty industries in the Kingdom.
The relevant financial impact of these projects will be determined later upon completion of all relevant studies and agreements.
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.