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Production at SAMAPCO resumes – Sipchem

Production at SAMAPCO resumes – Sipchem
SAMAPCO is a joint venture project between Ma'aden and Sipchem
SIPCHEM
2310
0.72% 42.00 0.30

Riyadh – Mubasher: Sahara International Petrochemical Company (Sipchem) announced that production activities at SAMAPCO plant have recommenced on 23 June, according to a bourse disclosure on Wednesday.

Resuming operations followed a temporary shutdown of the plant for 27 days as of 23 May 2021 for maintenance works to increase efficiency and reliability while reducing costs.

Sipchem noted that the financial impact of the closure will reflect on the income statements of the second quarter (Q2) of 2021.

It is worth noting that Sahara and Ma'aden Petrochemicals Company (SAMAPCO) is a joint venture project between Saudi Arabian Mining Company (Ma'aden) and Sipchem, in which each company holds a stake of 50%.

Last year, Sipchem achieved net profits worth SAR 175.9 million, down 41.3% from SAR 299.5 million in 2019.