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14-Aug-2016

Sipchem announces technical issue at carbon monoxide plant

Saudi International Petrochemical Company (Sipchem) [2310.SE] has announced a technical issue at its carbon monoxide plant on 11 August 2016  that will reduce its operating capacity. The technical issue will also lead to a reduction in the operating capacities of both the ethyl acetate plant and acetic acid plant, which uses carbon monoxide as feedstock for some of its products. The technical team is currently working on the issue, but the initial technical assessments have shown that full operating capacity would not be reached before the third week of August 2016. The company also noted that the financial impact would be fully disclosed as soon as they solve the technical issue. (Tadawul)   SIPCHEM: SAR13.05 as of 11 August 2016, Rating: Neutral, FV: SAR14.00 per share, MCap: USD1,276mn, SIPCHEM AB / 2310.SE  

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