The board of directors of Methanol Chemicals Company “Chemanol” (2001) recommended increasing the company’s capital through a rights issue worth 674.5 million riyals.
What
Chemanol aims with this increase to finance and implement its future plans and expansion projects.
It also aims to increase its activities and the size of its direct and indirect local investments.
Additionally, it seeks to strengthen its financial position and reduce borrowing rates and associated costs.
So What
Chemanol recently obtained approval from the Ministry of Energy to allocate natural gas for several projects.
These projects include expanding the methanol plant to increase the company’s current production by approximately 100,000 metric tons.
Additionally, there’s the chemanol Chemicals Complex project to produce various strategic chemicals in the Kingdom.
The expected increase in production is anticipated to reduce production costs and generate added value for the company.
These projects align with Chemanol’s strategic growth plans, aiming to diversify and develop its product portfolio.
This serves the objectives of the Saudi chemical sector according to “Vision 2030″.
Some Context
Chemanol is known for manufacturing high-quality methanol derivatives used in various sectors such as agriculture, automotive, pharmaceuticals, and construction.
