MOSCOW (MRC) -- Saudi Arabia's Yanbu National Petrochemical Company (Yansab) said the temporary shutdown of its plants, which started on August 14, 2023, will continue for another 11 days, said Zawya.
Currently, the necessary repairs are being carried out to resolve the technical glitch, Yansab said in a statement to the Saudi stock exchange on Monday. The petrochemical company is a subsidiary of the Saudi Basic Industries Corporation (SABIC).
The expected financial impact of the shutdown is estimated at 150 million Saudi riyals (USD39.99 million). The impact will be reflected in the company's financial statements for the third and fourth quarters of 2023.
Yansab shares closed slightly lower at SAR 43.5 on Tadawul on Monday.
We remind, Yanbu National Petrochemical Co (Yansab) posted a 90.5% year-on-year drop in its second quarter net profit amid lower average sales prices. Q2 net profit was also weighed by lower production and sales volumes, Yansab said in a filing on the Saudi stock exchange, Tadawul. Average prices for its products fell by 30% year on year in the second quarter while sales volumes were down by 34%. For the first six months of this year, the company's net loss was attributed to lower production and sales volumes as a result of "preventive maintenance" at its production complex, Yansab said.
Yansab, a subsidiary of chemicals major SABIC, operates a production complex in Yanbu in western Saudi Arabia which can produce around 4.4m tonnes/year of various products including ethylene, propylene, monoethylene glycol (MEG), high density polyethylene (HDPE), linear low density polyethylene (LLDPE) and polypropylene (PP).