The Saudi-based Methanol Chemicals Company (Chemanol) produces and supplies methanol, formaldehyde and its derivatives for use in the agricultural, pharmaceutical, paper manufacturing and construction industries, among others.

The company underwent an IPO on the Saudi Stock ExchangeSaudi Stock Exchange in August 2008 to help finance an expansion plan worth SAR2 billion (USD533 million). Chemanol offered 50% of its shares and aims to increase its paid up capital to SAR1.2 billion (USD320 million).

To boost its total production capacity from 484,600 tons of formaldehyde, derivatives and other downstream methanol-based products per year, as of 2008 to 1 million tons, Chemanol is building five petrochemical plants to be completed by the end of 2008. The methanol/carbon monoxide plant is 80% complete and the acetaldehyde plant is 94% complete, as of August 2008. Remaining plants in progress are the methylamines and dimethyl formamide (MA/DMF) plant, the pentaerythritol plant as well as the formaldehyde expansion plant.