Saudi's Tasnee to temporarily close plants; financial impact seen at $24mln

Tasnee will implement periodic maintenance to the plants

  
Image used for illustrative purpose. A trader monitors stocks at a Saudi Bank in Dammam.

Image used for illustrative purpose. A trader monitors stocks at a Saudi Bank in Dammam.

REUTERS/Stringer .
Riyadh – The National Industrialization Company (Tasnee) plans to temporarily shut down the ethylene and polyethylene plants for 27 days starting 23 May, according to a disclosure to Tadawul on Wednesday.

Tasnee will implement periodic maintenance to enhance the reliability and operability of the plants.

The company has estimated a financial impact of SAR 90 million based on the average prices. It will reflect on the consolidated income statements for the second and third quarters (Q2 and Q3) of 2021.

Tasnee, meanwhile, will meet the customers’ requirements by utilising the available inventory.

Source: Mubasher

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