Riyadh-Mubasher: Methanol Chemical Co. (Chemanol) expected that the financial impact of increasing energy prices will reach nearly SAR 30 million annually.
Gas prices were lifted to 1.25 $/MMBTU from 0.75 $/MMBTU, with an increase in electricity tariff, according to the Cabinet’s decision issued on Monday.
Such impact will be reflected on the financial results of 2016, the company said in a bourse statement on Tuesday.
Chemanol will exert all possible efforts to contain these changes, especially amid decline in its products that were impacted by falling oil prices and global economic fluctuations.
