Riyadh – Mubasher: Saudi Arabia-based Methanol Chemicals Company (Chemanol) on Tuesday signed a memorandum of understanding (MoU) with the US-based Varsal Inc. to prepare feasibility studies for establishing a dimethyl disulfide (DMDS) plant in Jubail Industrial City.
This joint venture (JV) is part of Chemanol's investment plans to contribute to achieving Saudi Vision 2030, according to a statement to the Saudi Stock Exchange (Tadawul).
DMDS is used in oil refineries, as well as other industries, the Saudi chemicals company noted.
Chemanol last reported an 82.9% rise in losses to SAR 10.26 million in the first three months of 2018, from SAR 5.61 million during Q1-17.
On Monday, the stock remained stable to close at SAR 9.55.
