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MOSCOW (MRC) -- National Petrochemical
Co. (Petrochem) said that the board of directors of its subsidiary, Saudi
Polymers Co., decided to shut down the polystyrene unit and amortize its value,
due to difficulties in achieving profits amid the global polystyrene market
conditions, said Argaam.
The
company expected this process to have an impact of up to SAR 277 million on its
financial statements for Q2 2020.
Polystyrene output represented less
than 2% of the project’s total production during the last two years, Petrochem
added in a bourse statement.
As MRC informed earlier, National
Petrochemical Company (Petrochem) started the
scheduled maintenance for the Saudi Polymers plant in 2016. The plant
was shut for 60 days.
According to MRC's ScanPlast report, April
estimated consumption of PS and styrene plastics in Russia was 36,170 tonnes,
down by 12% year on year. Russia's estimated consumption of PS and styrene
plastics totalled 157,110 tonnes in January-April 2020, down by 5% year on
year.
The National Petrochemical Company (NPC), a subsidiary to the
Iranian Petroleum Ministry, is owned by the government of the Islamic Republic
of Iran. It is responsible for the development and operation of the country's
petrochemical sector. |
