Riyadh – Mubasher: Methanol Chemicals Company (Chemanol) signed an agreement worth nearly SAR 500 million with Global Company for Downstream Industries (GDI) on 16 October 2022.
The two firms will team up to produce speciality chemicals, including methyl diethanolamine and choline chloride, according to a recent bourse disclosure.
Furthermore, they will explore the possibility of manufacturing other chemical materials such as dimethyl disulfide, dimethyl sulfate, chlorine derivatives, polyalphaolefins (PAOs), and aromatic solvents.
The partnership comes in line with Chemanol's objective to boost its future plans and enhance strategic transformation.
Meanwhile, Chemanol and GDI are preparing economic and technical feasibility studies for future projects. They are also communicating with the authorities for approvals and licenses, in addition to looking for global technology providers.
Upon completing the studies, the financial impact of these projects will be determined in accordance with the market changes. The Saudi listed firm will announce any further developments regarding these studies in due course.
In the first six months (6M) of 2022, the net profits after Zakat and tax of Chemanol amounted to SAR 194.83 million, a leap of 116.38% from SAR 90.04 million during the same period a year earlier.
