SAFCO to shut SAFCO II, SAFCO 5 for maintenance in 2016

Saudi Arabian Fertilizer Co. (SAFCO), one of the world’s largest producers of urea and ammonia, plans to halt operations in its SAFCO 5 urea plant and the two urea and ammonia plants in SAFCO II for scheduled maintenance.

Maintenance will last for 47 days in SAFCO II, and 25 days in SAFCO 5, the board of director’s report noted, without mentioning specific dates for the planned shutdowns.

The Saudi chemicals producer will further shut its 50 percent-owned Ibn Al-Bayttar ammonia plant for 23 days.

Last year, SAFCO produced 4.88 million tons of urea and ammonia, rising 1 percent compared to 4.85 million tons in 2014. Sales during the year remained flat year-on-year (YoY) at 3.3 million tons.

The company mapped out a three-pillar strategy until 2025 to boost energy efficiency, study investment opportunities locally and overseas, and mull acquisitions in peer companies.

SAFCO reported a net profit of SAR 2.1 billion for fiscal year 2015, marking a 33 percent drop YoY.

SAFCO is 43 percent owned by Saudi Arabian Basic Industries Corp (SABIC) and 12.20 percent by the General Organization for Social Insurance (GOSI).