SIIG says additional feedstock allocated

A SIIG factory

Saudi Industrial Investment Group (SIIG) received on May 28 approval letters from the Ministry of Energy to allocate additional feedstock to utilize the available capacity in its current assets and support the company’s plans to expand its production capabilities.

 

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In a statement to Tadawul, SIIG explained that additional ethane was allocated for the expansion of its 65%-owned subsidiary, Saudi Polymers Company (SPCo) in the Jubail Industrial City.

 

This expansion is expected to ramp up the production of end products. SPCo is currently working on related engineering studies and designs for this expansion project. It is anticipated that the expansion will start up by the beginning of 2029.

 

SPCo is expected to benefit from a portion of this allocation before the actual expansion project is completed, as it currently has unutilized capacities.

 

SIIG also received an additional allocation of natural gasoline for its 50:50 joint ventures (JVs), Saudi Chevron Phillips and Jubail Chevron Phillips companies.

 

This should increase the overall production at the entire complex. The JVs are expected to start benefiting from this feed before the end of this year.

 

These additional allocations are expected to have a positive impact on SIIG's financial results gradually over the next three years, as the additional feed becomes available. The impact may eventually exceed an estimated total of SAR 470 million annually in net profit by the end of the expansion project and startup in 2029, based on product price forecasts.
 
Any update will be duly announced, the statement added.

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