21 April 2014 04:57 [Source: ICIS news]
KARACHI (ICIS)--Saudi Arabia’s Methanol Chemicals Co (Chemanol) has completed the turnaround at its methanol plant one week ahead of schedule, the company said on Sunday.
Chemanol, one of the Kingdom's market leaders in specialty chemicals, had shut down its methanol and dimethyl formamide (DMF) plants for a 15-day unplanned maintenance of the methanol plant’s valve trays of distillation column on 14 April.
"The company is pleased to announce successful resumption of commercial operation of the plant as of Sunday afternoon [20 April],” it said in a bourse filing.
“Preparation for operation of the DMF [plant] is currently in full swing and [it is] expected to operate at its full capacity next Wednesday [23 April],” it added.
Chemanol manufactures methanol derivatives, such as aqueous and urea formaldehydes, formaldehyde derivatives, super plasticizers and various amino resins.
Its annual production capacity is almost 1m tonnes of formaldehyde, derivatives and other downstream methanol-based products. The company’s methanol capacity of 231,000 tonnes/year is entirely consumed internally to produce the downstream products.
Chemanol said financial impact caused by the unscheduled shutdown will be announced after calculation of all costs.
“The financial impact of the shutdown shall be announced immediately upon completion of calculation of actual costs of the maintenance works in accordance with accepted accounting principles. Such calculation is expected to be completed within 10 days from the date of announcement,” it added.
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