Alujain expects NATPET polypropylene plant to start production next month

Alujain Corp expects NATPET polypropylene plant to begin production in January 2020, the Tadawul-listed company said in its nine-month financial statements today.

The scheduled turnaround maintenance was implemented in the current period.

Alujain’s 57.4%-owned subsidiary, NATPET received payments of SAR 489.5 million on account from the insurance firm during the period ended Sept. 30, 2019.

The payments have not yet been allocated to a particular item and have been recorded under accrued and other liabilities in NATPET’s balance sheet.

The payments will be reclassified later to cover the company's property damage and business interruption insurance. The future results will be adjusted upon reaching a final settlement with the insurer.

In October 2018, a fire broke out at NATPET plant in Yanbu, killing one worker and injuring 11 others, Argaam reported.

NATPET signed in February 2019 a contract with Tecnimont Arabia Co. Ltd. (TAL) to reinstate the units damaged by fire at its polypropylene (PP) complex.