18 December 2013 16:45 [Source: ICIS news]
KARACHI (ICIS)--Sahara Petrochemical Company will shut the polypropylene (PP) facility at its affiliate Al Waha Petrochemicals Company on December 24 for a two-week-long turnaround, the Saudi Arabian company said on Wednesday.?xml:namespace>
“Al Waha Petrochemical Company’s scheduled maintenance is due on December 24, 2013 and is expected to be completed in a period not exceeding 15 days,” the company said in a bourse filing.
Al Waha has a 450,000 tonne/year PP plant in Jubail. Al Waha was established in September 2006 as a limited liability joint venture company between Sahara and LyondellBasell.
During the shutdown period, the company will tap into its PP reserves to supply its clients, the statement said.
The company said the shutdown will cost around 12 million Saudi riyals ($3.2m), which will be reflected in fourth-quarter earnings.
Sahara has been in merger talks with Saudi International Petrochemical Co since June this year and both companies hope to complete a share-swap merger in the first half of 2014 that would create a firm valued around $5bn.
The companies earlier this month said they had signed a memorandum of understanding relating to the merger and that due diligence had begun, although they could not yet announce an intention to make an offer and said talks were still non-binding.
($1 = SR3.75)
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