MOSCOW (MRC) -- Production at Saudi Arabia's Yanbu National Petrochemical Co (Yansab) complex is expected to remain offline for a total of 12 days, as per Plastemart.
Operations were halted since the shutdown since 23 October, due to a technical problem with a water cooling network.
The olefins cracker will be unable to restart until the water system is fixed, Yansab said in a Saudi bourse statement. Other units at the complex are expected to restart before then.
Yansab estimated the financial loss due to the outage at around SR 90 mln (USD24 mln), which it said would be reflected in the fourth-quarter results.
As MRC wrote previously, Saudi Arabia's Yanbu National Petrochemical Co. has reported a doubling of its third-quarter net profit, attributing the rise to increased production and sales as well as higher prices for its products. Yansab made SR864.8 million (USD230.6 million) in the three-month period to 30 September, up from SR435.7 million during the same timeframe in 2012.
Yansab (Yanbu National Petrochemical Co.), a joint-stock company, is 51%-owned by petrochemical giant Saudi Basic Industries Corp (SABIC). Yansab produces 400,000 tonnes/year each of high density PE (HDPE), linear low density PE (LLDPE) and polypropylene (PP).
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