Chemanol specialty chemicals project to drive income: MD

Sabri Al-Ghamdi, Managing Director, Methanol Chemicals Co.

Methanol Chemicals Co.'s (Chemanol) new project for the production of specialty chemicals will add value to the national economy, in general, and to the company, in particular, as it will contribute positively to its income, Managing Director Sabri Al-Ghamdi told Argaam in a phone call.

He added that the preliminary economic feasibility studies for the project were completed, expecting the next phase of detailed studies to be completed during the third quarter of 2023.

The project includes a preliminary list of target products that will meet the demand of the local, GCC and regional markets. It also aims to limit the import of such products and export the surplus production to global markets.

The Managing Director expects the total capacity of the project's first phase to reach approximately 500,000 tons of chemicals as well as specialty petrochemicals. He noted that the factories will be the first of their kind in the Middle East as they will have specialized technologies from major petrochemical producers.

"Our strategy is to finance the project from several financial channels, including the company's own resources and finance from the Saudi Industrial Development Fund, which plays a major and effective role in accelerating the local economic development, as well as commercial loans," Al-Ghamdi concluded.