SABIC says some subsidiaries see feedstock shortage

Saudi Basic Industries Corporation (SABIC) said in a bourse statement on Sunday that some of its subsidiaries in the Kingdom have seen a cut in feedstock supplies at an average of 49 percent as of Sept. 14.

Saudi Kayan Petrochemical Co., which is 35 percent-owned by SABIC, has announced 50 percent drop in feedstock supplies to its plants on the same date.

Feedstock supplies to Yanbu National Petrochemical Co.’s (Yansab) plants also decreased by 30 percent, both petrochemical producers said in separate statements.

“The company is currently working on evaluating the final effects to determine the financial impact,” SABIC added, noting that related developments will be disclosed in accordance with the relevant rules and regulations.

Drone attacks sparked fires at two Saudi Aramco oil facilities in Abqaiq and Hijrat Khurais at 4am on Saturday, Sept. 14, Argaam reported.

Read: Fire at two Aramco facilities under control

A temporary production halt has resulted from the drone attacks, Energy Minister Prince Abdulaziz bin Salman said.