Methanol Chemicals Company announces that its Board of Directors approves the establishment of new SNF plant & Formation of Audit Committee

15 December 2012
Author: SuperUser Account
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Methanol Chemicals Company announces that its Board of Directors has approved in its meeting held this Saturday, 02/02/1434 AH 15/12/2012 to expand the production capacity of Sulphonated Naphthalene Formaldehyde – Super Plasticizers - (SNF) and therefore establish a new plant with an initial annual production capacity of (60,000) Sixty thousand metric tons, with a total cost of around 75 million Saudi riyals. This expansion project will be funded by a combination of self-financing and banking facilities and Saudi Industrial Development Fund after taking the necessary approvals. The process of construction is expected to begin during 2013 whereas commercial operation would commence during the year 2015.The company considers that the establishment of this plant will meet the demand for Sulphonated Naphthalene Formaldehyde – Super Plasticizers - (SNF) in light of the current expansion in urban infrastructure projects in Saudi Arabia. It is worth mentioning that the company, considered as one of the biggest manufacturers of SNF, started its first commercial production in 2001 with a capacity of 20,000 metric tons and today has progressed to 170,000 metric tons per year. Upon completion of this envisaged project, the total operating capacity of the company would be around 230,000 metric tons of SNF. The financial impact of the project will appear with the results of fiscal year 2015, and will be announced later with further developments.
It was also convened in the meeting the formation of Audit Committee comprising of following members:
1. Mr. Sami Mohammed Jalal (Chairman)
2. Mr. Mishal Kanoo (Member)
3. Mr. Mohammed Farhan Al Nader (Member)

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