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Saudi’s Methanol Chemicals Company (Chemanol) has signed a joint venture pact with compatriot Global Company for Downstream Industries (GDI) to establish a national firm to produce specialty chemicals, the company said in a statement to the Saudi stock exchange.
The joint venture, based in Jubail Industrial City, will produce methyl diethanolamine, choline chloride dimethyl disulfide, dimethyl sulfate, chlorine derivatives, poly alpha olefins and aromatic solvents.
Chemanol will own a 60 percent stake in the new company, while GDI will hold the remaining 40 percent.
Chemanol said it aims to become one of the region's largest producers of specialty petrochemicals through the joint venture.
The products will be used in oil and gas, pharmaceuticals, fertilisers, construction materials, fuel refinery, extraction of environmentally harmful gases, carbon capture and storage technologies, recycling catalysts and paint manufacturing.
In October 2022, Chemanol signed an agreement worth 500 million Saudi riyals ($133.26 million)with GDI to produce specialty chemicals, including methyl diethanolamine and choline chloride.
(Writing by D Madhura; Editing by Anoop Menon)
