Methanol Chemicals Co (Chemanol) has signed Heads of Agreement for a strategic partnership with Riyadh-based Global Company for Downstream Industries (GDI) to produce specialty chemicals at an investment of about 500 million Saudi riyals ($133.06 million).
The specialty chemicals venture will produce methyl diethanolamine and choline chloride, and explore the potential of producing dimethyl disulphide, dimethyl sulphate, chlorine derivatives, poly alpha olefins and aromatic solvents.

The two firms are also preparing economic and technical feasibility studies for future projects while determining the funding sources and technology providers.

In February 2022, Chemanol had signed a non-binding memorandum of understanding with GDI to explore opportunities in petrochemical products.

(Writing by D Madhura; Editing by Anoop Menon)