Chemanol signs MoU with NIDC to support expansion projects

16/07/2023 Argaam
Logo ofMethanol Chemicals Co. (Chemanol)

Logo of Methanol Chemicals Co. (Chemanol)

Methanol Chemicals Co. (Chemanol) signed, on July 13, a Memorandum of Understanding (MoU) with the National Industrial Development Center (NIDC) to enhance the company's expansion plans and achieve the best means of cooperation regarding industrial investment opportunities in the specialized petrochemical sector.

 

The MoU is valid for two years and covers conducting feasibility studies for investment in localization of specialty chemicals, catalysts, and support in expansion projects pertaining to Chemanol’s product portfolio and existing projects, the company said in a statement on Tadawul.

 

Chemanol’s expansion plans in the specialized petrochemical sector aim to localize the products and technologies to contribute to achieving the goals of the Kingdom's Vision 2030, the statement added.

 

The financial impact cannot be determined at present, and any updates or developments regarding this MoU will be announced in due course, the company noted.

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