Saudi Kayan not concerned anti-dumping taxes

01/08/2009 12:00 - 643 Views

The chairman Saudi Kayan has stated that the petrochemicals company is not concerned about the anti-dumping measures China and India will impose on petrochemical products originating from Saudi Arabia.

Saudi newspaper Aljazeera reported that Mutlaq Al-Morished , who is also the vice president of SABIC Corporate Finance said that the anti-dumping duties will not affect his company as it will start production in 2010, and the duties are a temporary measurement aimed at protecting China and India’s domestic industry.

Meanwhile, Saudi Kayan posted a second quarter loss of US$1.73 million compared to profits of

Meanwhile, the company has posted a net loss of SAR6.5 million for the second quarter 2009 compared to net Profit of $15.92 million for corresponding period of 2008. The second quarter losses are almost identical to the $1.65 million suffered in the first quarter of 2009.

“Saudi Kayan is still in the pre operating stage and all these gains or losses during this stage are classified as non-operational,” the company said.

“Implementation works are well on track. 94.21% of engineering works have been completed by end June , 2009 with an average completion of engineering, supply and construction works at 78.3%,” Al-Morished said.

by Abdelghani Henni

Source: www.arabianoilandgas.com