Saudi Chemanol settles $107m loan taken for Methanol plant expansion project

RIYADH: Methanol Chemicals Co., known as Chemanol, has paid off SR400 million ($107 million) of its existing loans it obtained to fund the methanol plant expansion project.

The repayment will reduce the company’s financial costs leading to a positive financial impact in the coming years, according to a bourse filing.

Earlier in July, Chemanol secured Shariah-compliant financing worth SR695 million from Banque Saudi Fransi and Alinma Bank to finance the planned plant expansion.