Riyadh – Mubasher: Saudi Arabia-based Advanced Petrochemical Company on Tuesday amended its short-term agreement with Saudi Aramco Total Refining and Petrochemical Co. (SATORP) about supplying the petrochemical firm with 80,000 metric tonnes of propylene annually.
The contract’s extension will start on 1 January 2019 and end on 31 July 2023, according to a statement to the Saudi Stock Exchange (Tadawul).
Under the deal, SATORP will raise propylene supplies to Advanced Petrochemical to 100,000 metric tonnes from 80,000 metric tonnes, effective from 1 January, 2018.
Propylene supply for the extended period will contribute to increasing the firm’s revenues and profits.
The amended agreement will impact on the financial results from 2018 until 2023 based on market prices of propylene and polypropylene over these years.
Advanced Petrochemical’s stock inched down 0.3%, closing Tuesday at SAR 45.68.
