Petrochem expects up to SAR 277 mln impact on polystyrene unit closure

National Petrochemical Co. (Petrochem) said that the board of directors of its subsidiary, Saudi Polymers Co., decided today to shut down the polystyrene unit and amortize its value, due to difficulties in achieving profits amid the global polystyrene market conditions.

The company expected this process to have an impact of up to SAR 277 million on its financial statements for Q2 2020.

Polystyrene output represented less than 2% of the project’s total production during the last two years, Petrochem added in a bourse statement.