Saudi Kayan says feedstock cost hiked by Aramco

Headquarters of Saudi Kayan Petrochemical Co.

Saudi Kayan Petrochemical Co. received an official notification from Saudi Arabian Oil Co. (Saudi Aramco) on a hike in feedstock prices, the company said in a statement to Tadawul.

The company expects that the related financial impact to be an increase by 1.2% of its annual cost of sales according to the latest audited annual financial statement, noting that this impact will reflect on its financial statements starting from Q1 2024.

Saudi Kayan also said it continues to work on boosting its business efficiency and development in a responsible and sustainable manner, investing in innovation and development of production technologies and products, as well as maximizing the use of the advantages of the competitive infrastructure available in the Kingdom to achieve its strategic objectives.