Sipchem receives Aramco notice on feedstock price increase

One of Sipchem plants

Sahara International Petrochemical Co. (Sipchem) announced receiving an official notice from Saudi Arabian Oil Co. (Saudi Aramco) on an increase in feedstock prices as of Jan. 1, according to a statement to Tadawul.

Sipchem said it expects a 3.18% rise in cost of sales as per the latest audited financial statements and will likely appear as of Q1 2024.

Sipchem added that it will continue to pursue cost efficiency, and boost sustainable business portfolio aligning with strategy.