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Saudi Polymers to permanently shut down PS complex   2  

June 30/2020

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 projects 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.
Author:Anna Larionova
Category:General News
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