Advanced Petrochemical’s feedstock supplies improve

Advanced Petrochemical Co.’s said that its feedstock supplies from Saudi Aramco have improved as the shortage went down from 40 percent to approximately 20 percent, the company said in a bourse statement.

The firm expects to reach normal levels by end of September as stated by the Ministry of Energy, the statement added.

The company is working on evaluating the final effects to determine the financial impact.

Any material developments in this regard will be disclosed in accordance with the relevant rules and regulations, the petrochemical firm noted.

Drone attacks sparked fires at two Saudi Aramco oil facilities in Abqaiq and Hijrat Khurais at 4 am on Sept. 14, reducing the company’s crude oil supply by around 5.7 million barrels per day or about 50 percent of its output, Argaam reported.