Methanol Chemicals Co. (Chemanol) has entered into a non-binding memorandum of understanding (MoU) with Global Company For Downstream Industries (GDI) to explore cooperation opportunities between the two companies, according to a statement.
Under the MoU, Chemanol will supply methanol to GDI where the two parties will also explore opportunities for future collaboration in the field of petrochemical products.
The MoU is valid until Dec. 31, 2022, and the proposed transaction might involve related parties, the statement added, noting that in such case the relevant details will be announced at a later stage.
The financial impact of the deal will be announced upon signing of the final agreement.
This announcement does not mean that the proposed transaction will be agreed upon between the parties, and any material developments in connection with the proposed transaction will be announced in due course, Chemanol said.
GDI is one of the companies that invest in specialty chemicals and downstream industries.