SIIG announces continuation of maintenance work for Saudi Polymers Company

The Saudi Industrial Investment Group announced the continuation of maintenance work for one of its projects (Saudi Polymer Company) as a result of a technical issue in the Ethylene refrigeration unit, expecting to restart all project units within the next four weeks.
The company said today on “Tadawul” that due to the quality and size of the unit, and the nature of its mechanical work, the maintenance time took more time than expected to ensure the safe operation of the unit. It noted that SIIG’s other projects (Saudi Chevron Phillips and Jubail Chevron Phillips) are running normally and at full capacity.
SIIG explained that it is difficult to determine the financial impact of this suspension at present due to fluctuating prices and to know the time period required for repairs, but it is expected that the financial impact will be material on the results of the first quarter of 2023, and may exceed 200 million riyals. Noting that the financial impact of this shutdown will be reflected in SIIG Q1, 2023 results. SIIG will announce any material developments in a timely manner.
This comes with reference to the Saudi Industrial Investment Group’s announcement of the temporary and unscheduled cessation of one of its projects (Saudi Polymers Company).