RIYADH: Saudi chemical manufacturer SABIC’s shares started Monday’s session higher on news that it started commercial operations at its United Ethylene Glycol Plant 3, announced back in December 2017.
The Saudi chemical giant’s shares edged up 0.45 percent to reach SR90.10 ($24) at 10:07 a.m. Saudi time, compared with SR89.70 the previous close.
The estimated annual production capacity is 700,000 metric tons of monoethylene glycol, according to a bourse filing.
The financial impact on the company’s performance will begin in the fourth quarter of 2022, it said.
In 2017, SABIC awarded the engineering design, procurement and construction contract for the Ethylene Glycol Plant 3 to the Korean company Samsung. The plant is located within the complex of its subsidiary Jubail United Petrochemicals.