Yanbu National Petrochemical Company (Yansab) has announced realizing none operational net loss of SAR 18 million for the 9 months ending September 30, 2008 compared to none operational net loss of SAR 22.3 million for the same period 2007 less by 19.3%. The per share loss for the 9 months were ( 0.032) Riyal compared to loss of (0.04) for same period 2007. The third quarter 2008 none operational losses were SAR 4.9 million compared to SAR 8.2 million in the 3rd QTR 2007. Needless to say that Yansab still in the pre operating stage and realizing none operational loss is the norm for such a stage as all the gains or losses during this stage are classified as none operational.

On this occasion, Eng. Mutlaq Al-Morished, Yansab Chairman of the Board and SABIC CFO, stated that project work is progressing well, where the engineering and procurement activities are essentially completed and focus now is on the final phase of construction at site. Despite all challenges in the construction industry, with team efforts, construction progress reached 88.2% while overall progress in EPC is 94.8% by end of September. During the 3rd quarter, Yansab continued to receive notices of completion for many of the units and parts of the units and continued with pre-commissioning and testing of the received units. With Almighty Allah, Yansab has commenced production of various utilities like cooling water and steam during the 3rd QTR.

Eng. Morished further added that Pre-commissioning and commissioning activities are expected to be completed for the plants one after the other by Year end 2008 and the trail production will start afterward.