Sipchem says financial impact of its methanol plant’s breakdown could be SAR25 million

Saudi International Petrochemical Co. (Sipchem) expected that the financial impact of its methanol plant’s breakdown, which resumed operations on Aug 8, could cost SAR 25 million and would be reflected in the 3rd quarter, the company said in a statement to the Saudi bourse, Tadawul

The plant was closed down for emergency repair on July 24, 2014, according to Argaam.

Sipchem ’s affiliate, International Methanol Company (IMC), is 65 percent owned by Sipchem. The remaining stake is owned  by Japan-Arabia Methanol Company LTD (JAMC), a subsidiary  owned by a groups of Japanese companies including

Mitsui & Co. Limited (Mitsui) (55%),Mitsubishi Corporation (Mitsubishi) (15%), Daicel Chemical Industries Limited (Daicel) (15%) and Iino Kaiun Kaisha Limited (Iino) (15%).