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Saudi Kayan Petrochemical swings to Q4 net profit

February 14/2017

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.

The 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.


mrcplast.com
Author:Margaret Volkova
Tags:PP, PE, propylene, ethylene, petrochemistry, Sabic, Saudi Kayan, Saudi Arabia.
Category:General News
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