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SOURCE: English
Saudi Basic Industries Corp. (SABIC) announced a shortage of raw materials (variable rates and average average of 49%) for some of its subsidiaries in Saudi Arabia from Saturday, September 14, 2019.
The Company is currently evaluating the latest effects to determine the financial impact, but also the subsequent disclosure of any significant developments, in accordance with applicable procedures and regulations.
20 to 25 million riyals
In an interview with Al Arabiya, Mazen Al-Sudairy, head of research at Al-Rajhi Capital, predicted that the impact of Saudi Aramco's output would affect petrochemical companies by 5 percent to a value between 20 percent. and 25 million riyals per kingdom in the Kingdom between 6 and 10 days.
Al-Sudairy said the impact of the production would include all petrochemical companies, four of which voluntarily announced the level of impact, explaining that companies typically advertise when their assets are allocated to more than 10% or their growth affected more than 5%.
He also expects Aramco's production recovery to pick up gradually due to the large size of the oil fields and the small number of oil deposits in the Kingdom.
It ruled out any impact on the ability of Saudi petrochemical companies to "pay dividends to shareholders".
slips
The national petrochemical company Yanbu "Yansab" has highlighted a shortage of raw materials supply ranging from about 30% from Saturday.
Entity
Saudi Kayan Petrochemical Company (Kayan Saudi) has announced a shortage of raw material supply for the company's factories of nearly 50%.
Petrochem
The same goes for the Petrochem National Petrochemical Corporation, which announced a shortage of raw material supplies for the company's project of 40% at present.
Saudi Energy Minister Prince Abdul Aziz bin Salman Bin Abdulaziz, said Saturday at 3:31:03 that several explosions had occurred as a result of terrorist attacks at Saudi Aramco factories in Saudi Arabia. Khurais and Abqaiq, causing controlled fires On them
He pointed out that this terrorist act resulted in the temporary cessation of production activities in the factories of Abqaiq and Khurais. Part of the decline offset its customers by its inventory.
The minister explained that the explosions also resulted in the cessation of associated gas production, estimated at two billion cubic feet per day, used to produce 700,000 barrels of natural gas liquids, which would reduce the supply of gas. ethane and natural gas liquids up to about 50%.
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