Yansab posts $2.3m second quarter loss

18 July 2007 16:58  [Source: ICIS news]

LONDON (ICIS news)--Yanbu National Petrochemical Company (Yansab) posted a riyals (SR) 9.3m ($2.48m) net loss for the three month period ending June 2007 on Wednesday.

Yansab said in a statement that the loss was due to a drop in investments because capital had been needed to pay for its new petrochemical complex.

The net loss of SR9.3m can be compared with a net profit of SR37m for the same period last year.

Chairman of Yansab Mutlaq Al-Morished said work on the new complex in Yanbu was progressing well and that engineering and procurement works were near completion.

“It is estimated the plant will be completed and will go live in Q2 2008 as scheduled,” he said.

The complex will include facilities with annual capacities of 1.3m tonne of ethylene, 400,000 tonnes of propylene, 900,000 tonnes of polyethylene (PE), 900,000 tonnes of polypropylene (PP) and 770,000 tonnes of ethylene glycol (EG).

($1 = SR3.75)

ICIS Copyright © Reed Business Information 2009

Author: Lucy Craymer
+44 20 8652 3214

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