30 October 2013 11:38 [Source: ICIS news]
KARACHI (ICIS)--Saudi Arabia's Yanbu National Petrochemical Co (Yansab) complex has been shut down since October 23 due to a technical problem with the water cooling network, a company official said on Wednesday.
The shutdown includes its key olefins cracker unit, and the whole complex is expected to remain offline for at least two weeks, the official said.
Operations were halted last week after water cooling network developed technical problem. The olefins cracker will only be restarted when the water system is fixed. Other units at the complex are expected to restart before that.
“We are expecting to be back in operation in the first week of November," the official said.
He said the company estimated the financial loss due to the outage at around Saudi Riyals (SR) 90m ($24m), which it would reflect in the fourth-quarter results.
Yansab's complex has the capacity to produce 1.3 million tonnes/year of ethylene and 400,000 tonnes/year of propylene, among other products. Saudi Arabia’s petrochemical giant SABIC owns 51 percent of Yansab.
Last week, Yansab reported a third-quarter net profit of 864.8 million Saudi riyal, up by 98.5 percent year on year, as it increased its production and sold more products at higher prices.
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