In Saudi Arabia, Zawya reported that local chemicals firm Methanol Chemicals Company (Chemanol) secured financing for the equivalent of $64 million to fund the expansion project of its methanol plant.
According to the report, the project will increase the production capacity of the plant, reduce production costs and improve the company’s profitability.
In January 2022, Chemanol had awarded preliminary engineering design contract for the expansion project of the methanol facility.
Chemanol had previously said it obtained the approval from the Ministry of Energy for the allocation of the required feedstock to expand the methanol plant to increase its production by around 100,000 metric tons per year.
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