Riyadh – Mubasher: Sahara International Petrochemical Company (Sipchem) announced that production activities at SAMAPCO plant have recommenced on 23 June, according to a bourse disclosure on Wednesday.
Resuming operations followed a temporary shutdown of the plant for 27 days as of 23 May 2021 for maintenance works to increase efficiency and reliability while reducing costs.
Sipchem noted that the financial impact of the closure will reflect on the income statements of the second quarter (Q2) of 2021.
It is worth noting that Sahara and Ma'aden Petrochemicals Company (SAMAPCO) is a joint venture project between Saudi Arabian Mining Company (Ma'aden) and Sipchem, in which each company holds a stake of 50%.
Last year, Sipchem achieved net profits worth SAR 175.9 million, down 41.3% from SAR 299.5 million in 2019.
Source: Mubasher
All Rights Reserved - Mubasher Info © 2005 - 2021 Provided by SyndiGate Media Inc. (Syndigate.info).
Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.
