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Saudi- Sipchem unit to shut methanol plant for maintenance
(MENAFN- Arab News) ALKHOBAR: Saudi International Petrochemical Co. (Sipchem) said one of its affiliates will shut a methanol plant for around three weeks for maintenance and some repairs.
The shutdown which will start on Wednesday will boost efficiency and production Sipchem said in a bourse filing.
As a result of the outage Sipchem will incur losses of SR35 million ($9.3 million) which will be reflected in the fourth-quarter financial results.
The company has taken precautions to alleviate the impact of the shutdown on its customers it said.
The unit in question International Methanol Company (IMC) is 65-percent owned by Sipchem while a group of Japanese companies hold the rest. It has an annual production of 967000 tons of methanol according to Sipchem's website.
The shutdown which will start on Wednesday will boost efficiency and production Sipchem said in a bourse filing.
As a result of the outage Sipchem will incur losses of SR35 million ($9.3 million) which will be reflected in the fourth-quarter financial results.
The company has taken precautions to alleviate the impact of the shutdown on its customers it said.
The unit in question International Methanol Company (IMC) is 65-percent owned by Sipchem while a group of Japanese companies hold the rest. It has an annual production of 967000 tons of methanol according to Sipchem's website.
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