SIIG’s project on unscheduled halt after temporary power outage

A SIIG factory

Saudi Industrial Investment Group (SIIG) announced a temporary and unscheduled halt at Saudi Polymers Co. (SPC).

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According to a statement on Tadawul, the halt was due to a temporary power outage outside the industrial complex, which caused all SPC units to stop working.

The operations department is working to restart the affected units, while maintaining the safety of employees and equipment.

SIIG estimates that all units will be fully operational by the end of next week.

Meanwhile, all other units in the industrial complex projects are unaffected and continue to operate as normal, the statement noted. SIIG said at present it is difficult to assess the financial impact of the suspension, but it will show in Q4 2024 financials.

The company will announce any material developments in due course, it added.

Saudi Polymers is a joint venture (JV) company formed in 2007, with current capital at SAR 1.4 billion. It is 65% owned by SIIG and 35% by a subsidiary of Chevron Phillips Chemical, Argaam data showed.

The JV focuses on the manufacture of chemical elements, plastics in their primary forms, propylene, polyethylene, and 1-Hexene. In addition, it depends on the transformation industry and the production of lighting oils.

The company’s production capacity of polyethylene is 1.1 million tons per year (TPY), polypropylene (400,000 TPY), 1-Hexene (100,000 TPY), and propylene (40,000 TPY).