Advanced Petrochemical Announces Scheduled Shutdown of Its Propylene & Polypropylene Plants for Periodic Maintenance

Advanced Petrochemical Company (the “Company”) announced on Sunday that its Propylene & Polypropylene plants will undergo a periodic scheduled maintenance from 04/02/2024.

According to the company statement on Tadawul the Polypropylene plant will be restarted from 27/02/2024 by utilizing available Propylene stock, as well as outsourced Propylene. Propylene plant will be restarted from 03/03/2024 after the replacement of catalyst.

It may be worth mentioning that such shutdowns for periodic maintenance are in accordance with normal industrial practices for carrying out required periodic scheduled maintenance, and the effects have been taken into account in the preparation of the budget for 2024, both in terms of the quantity of production as well as revenues.

The Company indicated also that the financial impact for this shutdown will be reflected in the financial statements of the first quarter of 2024 based on the expected prices of feedstock and Polypropylene.