Wednesday, May 09, 2012
RIYADH (Zawya Dow Jones)--Saudi Kayan Petrochemical Co. (2350.SA) said Wednesday it halted production at most of its units temporarily due to a technical glitch in the steam unit used in the manufacturing process.
Production was stopped at the olefins, high density polyethylene and polypropylene plants as well as the ethylene gycole unit, it said in a statement posted on the Saudi bourse website.
The technical failure also result in a drop in production at the polycarbonate plant, it said.
The firm has already managed to do all the necessary maintenance work and the units are expected to be operational again within 48 hours.
Saudi Kayan, an affiliate of Saudi Basic Industries Co. (2010.SA), better known as Sabic, said last month its net loss in the first quarter widened to 71.1 million Saudi riyals ($18.9 million), compared with a net loss of SAR8.3 million a year earlier, due to start of the commercial operations of its complex in Jubail Industrial City in October.
The Kayan complex is expected to have an annual production capacity of more than 4 million metric tons of petrochemical and chemical products.
Kayan shares finished trading 1.46% lower Wednesday at SAR16.90.
-By Summer Said, Dow Jones Newswires; +966-546-842-373; summer.said@dowjones.com
(END) Dow Jones Newswires
09-05-12 1629GMT
