Chemanol foresees 2.9% rise in total annual costs from fuel price change

04/01/2024 Argaam
Logo ofMethanol Chemicals Co. (Chemanol)

Logo of Methanol Chemicals Co. (Chemanol) 

Methanol Chemicals Co. (Chemanol) expects a 2.9% increase in total annual costs after Saudi Arabian Oil Co.’s (Saudi Aramco) recent fuel price adjustment, as per its latest audited annual financial statements.

 

The related financial impact is expected to appear starting from the first quarter of 2024, Chemanol said in a statement to Tadawul today, Jan. 4. It also pointed to its plan to optimize expenses and results.

 

Chemanol received a notice from Aramco today about adjustments to prices of fuel products used in the company’s operations, effective Jan. 1, according to data compiled by Argaam.

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