SARCO’s arm inks MoU with UK’s AGR for ammonia purchase

Logo of Saudi Arabian Refineries Co. (SARCO)

Saudi Arabian Refineries Co.’s (SARCO) wholly owned subsidiary Clean Energy Co. entered into a non-binding Memorandum of Understanding with UK-based renewable energy company AGR, for the purpose of purchasing 100% of the production output of the green ammonia plant to be produced at the company’s proposed facility in Jazan Industrial City.

In a statement to Tadawul today, SARCO said that the MoU will enter into force as of the date of its signing, on Feb. 5, and will remain effective for a period of six calendar months, unless otherwise agreed by the parties in writing.

According to the company, the MoU signing is not expected to have any financial impact in the short or medium term. There are no related parties involved.

The company also noted that it will announce any material developments in due course.