Riyadh – Mubasher: Sahara Petrochemical Company (Sahara) on Sunday announced that it has closed its subsidiary Al Waha Petrochemical Company due to a technical defect in the cold box unit on Friday.
The company revealed that it is prepared for the comprehensive turnaround maintenance scheduled for the first quarter of 2019, according to the company’s statement to the Saudi Stock Exchange (Tadawul).
The company’s management decided to carry out the comprehensive periodic maintenance early during the current period that in return will allow an increase in the quality of the plant and ensure the continuity of the operations during 2019.
Maintenance works are expected to be completed within 30 days, the statement showed.
Accordingly, the company will incur losses of SAR 42 million during this period due to current polypropylene prices, which will be reflected in the fourth quarter results.
By 10:58 am KSA time, Sahara’s stock plunged 3.5% at SAR 16.52.
