MPC Saudi phosphate rock plant fire will not have significant impact

09 October 2013 11:42  [Source: ICIS news]

Phosphate rock is a key raw material used in the production of fertilizersLONDON (ICIS)--A fire that broke out on the phosphate rock unloading belt of the Ma'aden Phosphate Company's (MPC) Ras Al Khair facility last month will have "no significant financial impact" and will not affect the firm's ability to meet its customer obligations, parent Saudi Arabian Mining Company (Ma'aden) announced on Wednesday.

Repair work on the unloading belt is already underway and will take approximately three months, Ma'aden confirmed in a short announcement to the Kingdom's stock exchange, adding the incident that occurred at the east coast facility on 20 September involved a "limited fire".

No-one was injured in the 19:18 local time blaze, which was extinguished by company officials before it could spread to other parts of the plant.

"Ma'aden announces that the work which is already in progress to repair the damage at the phosphate rock unloading belt will take approximately three months," the firm confirmed in the statement.

"This stoppage will have no significant financial impact [and] will not affect Ma'aden’s ability to meet its obligations to its customers due to the availability of alternative mechanisms for the transfer of phosphate rock by trucks and land transport."

MPC is a limited liability company co-owned by Ma’aden with a 70% stake and Saudi Basic Industries Corporation (SABIC) which holds a 30% stake.

By: Richard Ewing
+44 208 652 3214

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