MOSCOW (MRC) -- 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, reported Hydrocarbonprocessing.
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 (USD93.3 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.
As MRC wrote before, in November 2014, KBR was awarded a front-end engineering design (FEED) contract by Sabic for the debottlenecking and expansion of its Petrokemya butadiene extraction plant in Al Jubail, Saudi Arabia.
Besides, Sabic is modifying its Wilton cracker in the UK to enable it to use ethane feedstock imported from the US. The company is aiming to complete the project by 2016.
Saudi Basic Industries Corporation (Sabic) ranks among the worldпїЅs top petrochemical companies. The company is among the worldпїЅs market leaders in the production of polyethylene, polypropylene and other advanced thermoplastics, glycols, methanol and fertilizers.