Maaden reopens phosphate, ammonia plants
Riyadh, May 19, 2013
Maaden Phosphate Co (MPC) has restarted a diammonium phosphate plant (DAP) in Saudi Arabia after repairing the ammonia plant that feeds it, but the shutdowns will negatively impact profits, the company said on Sunday.
"The company's financial impact of the shut-down is initially estimated at 119 million riyals ($31.73 million), which will be reflected in the second quarter financial results," Maaden, which owns 70 percent of MPC, said in a Saudi stock market statement.
MPC, in which Saudi Basic Industries Corp (Sabic) owns holds a 30-percent stake, shut the ammonia plant for repairs at the start of April.
It had to shut the DAP plant at the end of the month after technical problems while re-starting the ammonia plant.
MPC took the opportunity to bring forward maintenance that had been planned on the ammonia plant at Ras Al Khair in May to limit the impact on its results. - Reuters