Sipchem to halt operations of GACI plant as of July 1

23/06/2021 Argaam

Logo of Sipchem

Sahara International Petrochemical Co. (Sipchem) is planning to mothball Gulf Advanced Cable Insulation Co. (GACI), an affiliate in Al-Jubail Industrial City, starting from July 1 until further notice.

 

The move comes as part of Sipchem’s strategy that aims to improve profitability and operational efficiency, ensure the best levels of liquidity and stability, and maintain the integrity of its financial structure, the company said in a bourse statement.

 

The temporary suspension of GACI plant will positively boost the company's results in the future, Sipchem added, expecting the related financial impact is likely to show in Q3 2021.

 

Sipchem will announce further developments duly, the statement added.

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