SIIG continues Saudi Polymers maintenance, expects over SAR 200 mln impact

A SIIG factory

Saudi Industrial Investment Group (SIIG) continues the maintenance work in its subsidiary Saudi Polymers Co. (SPC), after a technical glitch in the ethylene refrigeration unit led to an unplanned shutdown in January.

All SPC units are expected to be up and running within the next four weeks, SIIG said in a statement to Tadawul today, Feb. 12.

The delay in restarting operations results from the nature of the mechanical repairs, which require additional downtime to ensure safe and reliable operations, it added.

SIIG’s other projects – Saudi Chevron Phillips (SCP) and Jubail Chevron Phillips (JCP) – are running normally and at full capacity.

SIIG said it cannot determine the financial impact of the closure at present due to the fluctuation of product prices and the uncertainty of the duration of the shutdown. However, it expects a significant impact on Q1 2023 financials that could exceed SAR 200 million.

The company will announce any material developments in a timely manner, it added.

On Jan. 29, SIIG announced an unplanned temporary shutdown of SPC due to a technical glitch in the ethylene refrigeration unit. It was set to restart operations on Feb. 3, Argaam earlier reported.

However, the company later extended the shutdown, expecting to restart operations nearly one week later than initially planned.