The National Petrochemical Company (Petrochem) said in a bourse filing on Wednesday that its 65 percent-owned affiliate, Saudi Polymers Co., has fulfilled obligations required under financing agreements with its local and international creditors.
As a result, the company will be paying its liabilities from its own operating income.
Petrochem said this will not have any financial impact on its results, according to its statement to the bourse.
Saudi Polymers is 65 percent-owned by Petrochem, and 35 percent by Arabian Chevron Phillips Petrochemical Company Limited, a wholly-owned subsidiary of Chevron Phillips Chemical Company.
Saudi Polymers is located in Jubail Industrial City.
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