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| Introduction | Methanol Chemicals Company (Chemanol) announces that it has received on Tuesday 24/12/2024 the approval of the Ministry of Energy for renewing the allocation of the required feedstock for producing a number of specialty petrochemical products. The Ministry of Energy had previously given its approval for the said allocation to the Company, as announced on Tadawul’s website on 03/12/2023. |
The Company had signed on 08/05/2024, an Industrial Plot Allocation Agreement with Jubail and Yanbu Industrial Cities Services Company (JABEEN) in the PlasChem 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 Middle east.
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.
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