Riyadh – Mubasher: Saudi International Petrochemical Company (Sipchem) on Sunday announced the completion of maintenance activities at methanol plant of its subsidiary, the International Methanol Company.
Maintenance works are completed upon scheduled, according to the company’s statement to the Saudi Stock Exchange (Tadawul).
The plant resumed its operation on Saturday, 24 November.
The required work was completed safely, which will enhance the plant’s efficiency, increase its reliability, reduce production cost and allow it to achieve its future operational plans.
“The company has announced that it has taken the necessary actions to eliminate any potential negative impact on its customers,” the statement highlighted.
The financial impact of the scheduled turnaround and project execution will be reflected in the company’s financial results of the fourth quarter of 2018.
It is worth noting that Sipchem’s profits hiked 98.9% year-on-year to SAR 543 million ($144.71 million) during the first nine months of 2018.
By the end of Thursday’s session, Sipchem’s stock rose 1.62% at SAR 20.06.
