Riyadh – Mubasher: Methanol Chemical Co.’s (Chemanol) announced on Monday that it has received an amount of $10 million as a result of liquidating a performance bank guarantee.

The company said that the liquidation process was due to the noncompliance of one of its marketers with its offtake and other contractual obligations, according to a bourse filing.

The marketer communicated its intention to seek arbitration proceedings, the statement said.

The Saudi-listed firm noted that the financial impact of such amount has been recorded in the company's books in the balance sheet and cash flow statement with no impact on the net income.

Any related adjustments will be recorded accordingly and any updates will be announced in due course, after the dispute with the marketer is fully and finally resolved, according to the company.