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Regions :: Middle East :: Saudi Arabia

NatPet Settles Insurance Claims for Delays to PP Plant Start-up

6:10 AM MDT | August 11, 2010 | Natasha Alperowicz

Alujain Corporation (Jeddah, Saudi Arabia) has announced to the Saudi Stock Exchange, Tadawul, that its majority owned subsidiary National Petrochemical Industrial Co. (NatPet) has reached an agreement with insurance companies under which NatPet will be reimbursed SR46.5 million ($12.4 million) for its claims involving delayed start up of its polypropylene (PP) complex at Yanbu, Saudi Arabia. "NatPet has had intermittent operations over the past year," says Ankit Gupta, senior analyst/research at SICO (Manama), a Bahrain-based investment bank...

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