Riyadh – Mubasher: The Saudi Basic Industries Corporation (SABIC) announced its intention to suspend the production of ULTEM™ polymers in its Cartagena plant in Spain during 2020.

The decision is part of the Saudi company’s global operation optimisation.

“SABIC is committed to maintaining its ability to meet the product needs of existing and future ULTEM™ customers from its other assets,” the company said in a statement to the Saudi Stock Exchange (Tadawul) on Tuesday.

The decision has no direct impact on the other operations at the Cartagena facility.

The non-cash financial impact is estimated at approximately SAR 700 million that will be reflected in the first quarter (Q1) of 2020 financial results.