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Sipchem turns to loss of SAR 152 mln in H1 2020

July 30/2020

MOSCOW (MRC) -- Sahara International Petrochemical Co. (Sipchem) reported a net loss after Zakat and tax of SAR 151.8 million for the first half of 2020, compared to a net profit of SAR 325.6 million in the year-earlier period, said the company.

The loss was driven by lower netbacks on most products, a decline in sales volumes of acetic acid, vinyl acetate monomer, ethyl acetate and carbon monoxide, as well as unplanned shutdown and turnaround maintenance at Al Waha.

Furthermore, Sipchems net loss includes results from Sahara Petrochemicals Company for the full six months in the current period. In contrast, the prior period only includes Sahara Petrochemicals Company results for one month.

The company reported a net loss after Zakat and tax of SAR 99 million in Q2 2020, compared to a net profit of SAR 201.9 million a year earlier, due to lower sales volumes and lower netbacks for most products.

As MRC informed earlier, in line with their social responsibility towards the Kingdom of Saudi Arabia, Sadara Chemical Company (Sadara) and Sahara International Petrochemical Company (Sipchem) have partnered to supply high-quality ethanol which is required for the manufacturing of hand sanitisers.

As MRC informed earlier, Russia's output of chemical products rose in June 2020 by 2.6% year on year. However, production of basic chemicals increased year on year by 4.9% in the first six months of 2020. According to the Federal State Statistics Service of the Russian Federation, polymers in primary form accounted for the greatest increase in the output in January-June. Production of benzene was 106,000 tonnes in June 2020, compared to 110,000 tonnes a month earlier. Overall output of this product reached 721,000 tonnes over the stated period, up by 3.9% year on year.

Sadara Chemical is a USD20 billion petrochemical joint venture between national oil giant Saudi Aramco and Dow Chemical.
Author:Anna Larionova
Tags:petroleum products, petrochemistry, Sipchem.
Category:General News
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