Basic Chemical Industries Co. — Capital/Financing Update 2022

Feb 20, 2022

Basic Chemical Industries Co. Announces an update on Commencement of work for Jubail project.

1210 · 20/02/2022 15:35:05 · Announcement #66770 · View on Saudi Exchange

Basic Chemical Industries Co. Announces an update on Commencement of work for Jubail project.

Element List	Explanation
Introduction	Basic Chemical Industries Company (BCI) is pleased to announce the completion of the power supply to the plant, as well as the completion of the supply of all equipment and all construction and engineering works, and the start of implementing an experimental operation plan for some equipment, systems and operating stages in the plant.
Previous Announcement	Commencement of work for Jubail project.
Date of Previous Announcement on Tadawul's Website	2021-11-07 Corresponding to 1443-04-02
Percentage of fulfilled achievement	98%
Event's Expected Completion Date	Q2- 2022
Reasons for Exceeding the Announced End Date	After the electrical power is connected, the plant needs some time to complete the experimental phase before commencing commercial production.
The costs associated with the event, and if they have changed or not with indication of the reasons.	There is no change in the previously announced expected costs as the scope has not changed.
Impact of the Delay on the Company's Financial Results	It is expected that the financial impact on the company’s results will appear after the completion of experimental production and the start of commercial production, which is expected to occur during the second quarter of 2022.
Additional Information	It is worth noting that the work inside the plant continues around the clock to ensure the speedy completion of the experimental phase that precedes commercial production, without negatively affecting quality and efficiency standards and environmental and industrial requirements.

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