Chemanol signs non-binding MoU to co-invest in MDEA production at nearly SAR 450 mln

07/11/2022 Argaam
Logo ofMethanol Chemicals Co. (Chemanol)

Logo of Methanol Chemicals Co. (Chemanol)

Methanol Chemicals Co. signed on Nov. 6 a non-binding memorandum of understanding (MoU) with a company owned by a number of industrial entities and a government fund to co-invest in the manufacture of methyl diethanolamine (MDEA), at a cost of nearly SAR 450 million.

 

According to a statement on Tadawul, the six-month MoU aims to enhance Chemanol’s plans for strategic transformation to become one of the largest manufacturers of specializied chemical products in the region, in line with Vision 2030.

 

The relevant financial impact of the MoU will be determined upon the completion of all related agreements.  The company will announce any updates or developments regarding this MoU in due course of time, the statement added.

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