Methanol Chemicals Company "Chemanol'' has signed a Memorandum of Understanding with Sahara Petrochemical Company to acquire a share of 15% of Neopentyl Glycol (NPG) Project. The Chief Executive Officer of Chemanol Company Khalid Al-Rabiah pointed out in a press statement today that the productive capacity of the project will be 50,000 tons per year and that the construction of the project will be completed in the second quarter of 2014, noting that the initial costs of the project amount to SR 470 million. The share of the Sahara Petrochemical Company of the project is 48%; 15% for Chemanol, and 37% for Japanese Companies Mitsubishi Gas and Sujets.
