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Saudi Yansab Production Has Been Shut Down

Source: Reuters 10/27/2013, Location: Middle East

Production at Saudi Arabia's Yanbu National Petrochemical Co (Yansab) complex has been shut down since Oct. 23, and the key olefins cracker unit is expected to remain offline for a total of 12 days, the company said.

Operations were halted last Wednesday due to a technical problem with a water cooling network and the olefins cracker will be unable to restart until the water system is fixed, Yansab said in a Saudi bourse statement. Other units at the complex are expected to restart before then, the subsidiary of Saudi Basic Industries Corp. (SABIC) said.

Yansab estimated the financial loss due to the outage at around 90 million Saudi riyals ($24 million), which it said would be reflected in the fourth-quarter results.

Last week, Yansab reported a doubling of third-quarter net profit, attributing the rise to increased production and sales volumes, as well as higher product prices.

The two most important olefins for the global petrochemicals market, especially for plastics production, are ethylene and propylene.

Yansab's complex can produce 1.3 million tonnes per year of ethylene and 400,000 tonnes per year of propylene, among other products.

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