Sipchem resumes operation of its carbon monoxide plant
Saudi International Petrochemical Company (Sipchem) [2310.SE] announced that operations had been resumed at its carbon monoxide plant as of 22 August 2016, and that production is back to its normal levels. The plant was shut down on 11 August 2016 due to technical issues. The company also mentioned that the ethyl acetate and acetic acid plants had returned to full operations as well. The financial impact of the technical issue is estimated at SAR17mn and will be reflected on 3Q16 results. (Tadawul) SIPCHEM: SAR12.50 as of 22 August 2016, Rating: Neutral, FV: SAR14.00 per share, MCap: USD1,222mn, SIPCHEM AB / 2310.SE
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