Chemanol signs SAR 420M deal to allocate land for new factory

Methanol Chemicals Co. (Chemanol)  signed today, May 8, a plot allocation agreement worth over SAR 420 million with Jubail and Yanbu Industrial Cities Services Co. (JABEEN), according to a filing to Tadawul.

 

The agreement aims to allocate a land plot to Chemanol in PlasChem Park, Jubail (2), to establish and operate a choline chloride and methyl diethanolamine methane plant.

 

 

Through the project, for which the Ministry of Energy approved to allocate the required feedstock, Chemanol aims to become one of the largest manufacturers of specialized petrochemical products in the region.

 

Any further developments will be announced in due course, the statement said.

 

All the target products would be the first of their kind in the region, and will be used in many vital and strategic industries in the Kingdom, such as oil and gas, pharmaceuticals, fertilizers, construction materials, fuel additives, gas treatment, carbon capture, paints, and coatings that witness growing demand in both local and regional markets.

 

On Nov. 30, 2023, Chemanol stated that it obtained the Ministry of Energy’s approval to allocate the required feedstock for manufacturing specialty petrochemical products. The products include methyl diethanolamine, choline chloride dimethyl disulfide and N-methyl pyrrolidone, according to data available with Argaam.