04 November 2013 10:25 [Source: ICIS news]
SINGAPORE (ICIS)--Yanbu National Petrochemical Co (Yansab) has extended the shutdown of its petrochemical complex and now expects to begin the process of restarting operations at the end of the current week, the Saudi Arabian producer said over the weekend.
The company cited “a technical failure” as the cause of the shutdown on 23 October, and initially indicated that the complex will be restarted after two weeks.
“The company would like to clarify that after technical and field inspection the shutdown will be extended to complete all repair and maintenance works. It is expected the start-up activities and production will begin by the end of next week,” it said in a filing to the Saudi Stock Exchange dated 3 November.
The company said it expects the shutdown to have an estimated Saudi riyal (SR) 160m ($43m) hit on its fourth-quarter financial results.
Yansab is 51%-owned by Saudi petrochemical giant SABIC.
($1 = SR3.75)
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