Sadara gets SAR 113 mln insurance payment for tower fire
Sadara Basic Services Co. said that Sadara Chemical Co. (the parent company) will receive SAR 113.44 million as insurance compensation for a fire at its cooling tower last March.
Sadara Chemical will use the amount to rebuild the cooling tower and expects no further significant financial impact with respect to the rebuilding cost, Sadara Basic said in a filing to the Saudi bourse, Tadawul.
The claim payment will appear on Sadara Chemical’s balance sheet for the fourth quarter 2015 and the first quarter 2016.
A separate insurance claim regarding Sadara Chemical’s internal costs in connection with the fire incident is still under negotiation, the company added.