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Regions :: Middle East :: Saudi Arabia
Natpet receives $20-million insurance compensation for PP outages
12:05 PM MDT | August 5, 2013 | Natasha Alperowicz
Alujain announced today that its subsidiary Natpet will receive 75 million Saudi riyals ($20 million) from its insurers for the breakdown at its polypropylene (PP) manufacturing complex at Yanbuʿ, Saudi Arabia, in September 2011. The settlement comprises SR24.75 million for capital repairs and SR50.25 million for lost production. The adjustments will be reflected in the company’s third-quarter results. Natpet operates a propane dehydrogenation unit and a 450,000-m.t./year Spheripol-process PP plant. The complex has experienced several outages...
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