Methanol chemicals company Chemanol announces signing of a Memorandum of Understanding (MoU) with the National Industrial Development Center (NIDC) to enhance the company's expansion plans and achieve the best means of cooperation regarding the industrial investment opportunities in specialized petrochemical sector.

The MoU is valid for two years and covers conducting feasibility studies for investment in localization of specialty chemicals, catalysts, and support in expansion projects pertaining to Chemanol’s product portfolio and existing projects, the company said.

The company's expansion plans in the specialized petrochemical sector aim to localize the products and technologies to contribute to achieving the goals of the Kingdom's Vision 2030.