SIIG says Saudi Polymers maintenance ongoing, may extend to ensure safe operation

05/02/2023 Argaam
A SIIG manufacturing facility

A SIIG manufacturing facility

Saudi Industrial Investment Group (SIIG) announced today, Feb. 5, that the unplanned maintenance works in its subsidiary, Saudi Polymers Co., are still ongoing due to the nature of the mechanical repairs, which require additional downtime to guarantee safe and reliable operations.

 
In a statement to Tadawul, the group said operations are expected to restart nearly one week later than initially planned.
 
SIIG will make an announcement once the plant is back in full operation.
 
The rest of the group's projects, including Saudi Chevron Phillips (SCP) and Jubail Chevron Phillips (JCP), are running normally and at full capacity.
 
The financial impact of the unplanned shutdown cannot be determined at present due to the fluctuation of product prices and the uncertainty of the stoppage duration, the statement noted.
 
The impact of the temporary shutdown will be reflected in SIIG’s Q1 2023 results.
 
Any material developments related to the event will be announced in due course.
 
According to data available with Argaam, SIIG announced last week an unplanned temporary shutdown of Saudi Polymers due to a technical glitch in the ethylene refrigeration unit. It was set to restart operations on Feb. 3.

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