Wednesday, Apr 25, 2012
RIYADH (Zawya Dow Jones)--Saudi Kayan Petrochemical Co. (2350.SA), an affiliate of Saudi Basic Industries Co. (2010.SA), better known as Sabic, said Wednesday it plans a preliminary study for a polyethylene factory at its complex in Jubail Industrial City.
The factory, which would use raw material from Sabic's ethylene olefins plant, is part of an effort to increase operational efficiency and maximize use of internal resources, the company said in a statement posted on the Saudi market website.
Kayan earlier this month said its net loss in the first quarter widened to 71.1 million Saudi riyals ($18.9 million), compared with SAR8.3 million a year earlier due to start of the commercial operations of its complex in October.
The Kayan complex is expected to have an annual production capacity of more than 4 million tons of petrochemical and chemical products.
Saudi Kauan shares closed 1.1% higher at SAR18 Wednesday.
By Ellen Knickmeyer, Dow Jones Newswires, +966 1 279 5252, ellen.knickmeyer@dowjones.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
25-04-12 1420GMT
