According to a bourse filing on The Saudi Stock Exchange Tadawul on February 27, 2023, Saudi Chemical Company Holding (SCCH), through its subsidiary Saudi Chemical Company Limited In partnership with one of the local companies, announce receiving Gas Allocation Letter from the Ministry of Energy for establishing a production facility to produce Nitric acid with a capacity of 440k tone annually, and Ammonium Nitrate with a capacity of 300k tone annually.
This project is the first of its kind in the region. The importance of this strategic project lies in providing the raw materials needed for several downstream industries in the local markets. The most important of which are civil and defensive explosives, missiles & rockets propellants, smelting salts used in the production of solar panels. In addition to pharmaceutical industries.
The financial impact of this announcement cannot be determined currently. Any future developments regarding this project will be announced upon availability.
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