SABIC to shut Yanbu petrochemical complex for 35-day maintenance
4/17/2015 12:00:00 AM
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 feedstock prices and higher sales volumes couldn't make up for lower average sales prices for all its products.
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