MOSCOW (MRC) -- Saudi Arabia’s Advanced Petrochemical said on Monday it had restarted production at its propylene and polypropylene (PP) plants after scheduled maintenance, reported GulfBusiness.
Full operational capacity at the two plants would be achieved in 8-10 days, it said in a bourse filing.
No details of the financial impact of the maintenance was given.
The plants, in Jubail on the Gulf coast of Saudi Arabia, went off line on March 1, according to an earlier statement from the company.
As MRC wrote before, Advanced Petrochemical Co. plans to invest in a project worth around USD1 billion to produce propylene in South Korea. The propane dehydrogenation (PDH) project, a joint venture with South Korea’s SK Gas, is due to start up in H1-2016. The project, with annual production capacity of 600,000 tons, will be financed 40% equity and 60% debt. Advanced will hold a 35% stake in the project.
Advanced Petrochemical Company (before Advanced Polypropylene) is a Saudi Joint Stock Company, established in October 2005. The company was initially launched by National Polypropylene Limited, jointly owned by Mr. Khalifa Al Mulhim, the chief executive officer of Advanced, and Mr. Monther Laheeq, who negotiated all the main deals related to the project, either before or after the establishment of Advanced Petrochemical. Currently, National Polypropylene Limited controls 7.9% of Advanced Petrochemical. Advanced Petrochemical started the construction of its plants in May 2005. The company produces 455,000 tons per year of propylene and 450,000 tons per year of polypropylene from its production facility located in Jubail Industrial City, in the Eastern coast of the Kingdom of Saudi Arabia.
MRC