Methanols Chemicals digests fire incident from June
The Saudi Arabian Tadawul All-Share Index in Riyadh closed 0.16 per cent higher at 10,596.55 points on Monday, Aug. 10.
Methanols Chemicals Company lost insignificantly, ending at SAR16.90. Earlier in the day, the firm said in a filing to the bourse, that further to the announcement from July 13 2014 related to the limited fire incident in our Paraformaldehyde Unit in Jubail Industrial City, “we would like to announce that the total financial impact resulting from the incident is about SAR3m ($810m) which will be reflected in the financial results of the third quarter and fourth quarter of 2014.” Concerning the insurance coverage, the company said it ill apply the insurance policy of its plants to cover the losses occurred from the incident. The temporary shutdown of the Paraformaldehyde Unit during the coming period will have no effect on the other plants operations which are running normally, it added.