MOSCOW (MRC) - Saudi Kayan
Petrochemical Co, an affiliate of Saudi Basic Industries Corp.
(Sabic), swung to a net profit in the fourth quarter 2016, it said in a
statement, reported Reuters.
company made a net profit of 103.65 million riyals (USD27.65 million) in the
three months to Dec. 31, compared with a loss of 624.14 million riyals in the
same period of 2015. (USD1 = 3.7487 riyals).
As MRC informed before,
in February 2016, Saudi Kayan Petrochemical Co. awarded Taiwan's CTCI Corp.
a contract worth USD94.5 million (SAR 354.4 million) to build a new cracker at
its complex in Jubail Industrial City. Under the deal, CTCI will manage the
engineering, procurement and construction management (EPCM) for the project,
which is located in the Eastern Province of Saudi Arabia. The company added
that it will secure the related finance from local institutions, expecting to
complete the new cracker in H2-2017.
Saudi Kayan Petrochemical Company is
a manufacturing affiliate of the Saudi Basic Industries Corporation (Sabic), its
is 35 percent-owned by Sabic. Kayan is the fifth-largest petrochemical
manufacturer by market value in Saudi Arabia.