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Sipchem Says Affiliate Restarts Methanol Production

Source: Reuters 11/26/2014, Location: Middle East

An affiliate of Saudi International Petrochemical Co (Sipchem) has restarted a methanol plant after scheduled maintenance, Sipchem said in a bourse filing.

The plant, which produces 967,000 tonnes of methanol per annum, was shut on Nov. 3 for three weeks for maintenance and repairs.

The International Methanol Co (IMC) is 65-percent owned by Sipchem, while a group of Japanese companies hold the rest.

Sipchem did not give an updated figure on the losses it would incur due to the outage in Wednesday's filing. It had estimated losses of 35 million riyals ($9.3 million) for the closure in its previous statement. ($1 = 3.7510 Saudi riyal)

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