News Post
SABIC shuts Yanbu chemical site for maintenance
Saudi Arabia's Yanbu National Petrochemical Co. (Yansab) plans to shut its petrochemical complex this month for maintenance for 35 days, the company said in a bourse filing on Thursday.
The shutdown will include an ethylene glycol plant, which will suspend operations for 60 days.
The firm, a subsidiary of Saudi Basic Industries Corp. (SABIC), estimated a financial impact of 350 million riyals ($93.3 MM), taking into consideration the drop in the current average price of products.
The company reported a 48.7% drop in first-quarter net profits, missing analysts' forecasts, as lower feedstockprices and higher sales volumes couldn't make up for lower average sales prices for all its products.
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