Methanol Chemicals Co. (Chemanol) said on Monday that it will not resume production at its paraformaldehyde unit by the end of the 2014 financial year as previously announced because more repairs and upgrade work is needed.
The shutdown is estimated to cost the company SAR 2 million and will be reflected in the first quarter of 2015 .
Chemanol is still in negotiations with its insurer in order to determine its compensation against the damages, which occurred after a fire had erupted at the unit last July.
The annual production capacity of the paraformaldehyde unit is 8,250 metric tons.
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