ment in Q2 related to the closure of its 865,000 t/y Teesside Olefins 6 steam cracker at Wilton, UK. The Saudi petrochemicals giant had announced the closure in June as part of its restructuring plan to divest low-margin assets to free up capital for expansion projects.
The firm posted a $1.08bn loss for Q2, its third consecutive loss and the largest in MEES records back to 2013. However, this was almost entirely due to the impairment, and revenues of $9.48bn were the highest quarterly figure since Q3 last year. (CONTINUED - 87 WORDS)