Further to Methanol Chemicals Company announcement dated 15/12/2012 regarding the approval of its Board of Directors to expand the production capacity of the Sulphonated Naphthalene Formaldehyde Plant by establishing a new plant with annual production capacity of 60,000 metric tons and a total cost of around 75 million Saudi Riyals, and due to the recent changes and developments in the market, the Company hereby announces that the Board of Directors has directed the Management of the Company to reconduct the feasibility study of the Project in accordance with the market information and the Company strategy. Hence the new feasibility study is to be presented to the Board of Directors later for approval.
Further developments in this regard will be announced in due course.
At the same meeting, the Board of Directors approved the Company strategy which is based on enhancing its leadership position in the field of manufacturing specialty chemicals from methanol derivatives or derivatives from other products. The achievement of the strategy will be delivered through enhancing the Company current business and exploring new sustainable investments in specialty chemicals and petrochemicals including acquisition of companies or advanced technologies inside and outside KSA..