SIIG affiliates to halt operations for maintenance

Updated 01 October 2015
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SIIG affiliates to halt operations for maintenance

ALKHOBAR: Two affiliates of Saudi Industrial Investment Group (SIIG) will shut down their petrochemical plants in October for scheduled maintenance, SIIG said.
Saudi Chevron Phillips (SCP) and Jubail Chevron Phillips (JCP) will start maintenance work that includes replacing a catalyst from Oct. 1, according to SIIG’s statement released via the stock exchange.
SCP’s shutdown will last for 30 days, while JCP will be offline for 37 days, it said.
SIIG said its fourth-quarter results were likely to be affected by the shutdowns.
The ownership of SCP and JCP is split between SIIG and Chevron Phillips Chemical Co, which is 50 percent owned by Chevron Corp.


UN compensation panel pays out $270m for Kuwait oil company

Updated 52 min 42 sec ago
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UN compensation panel pays out $270m for Kuwait oil company

  • The panel has approved 1.5 million claims brought by over 100 governments and international organizations
  • Some $3.7 billion of its $14.7 billion claim for oil production and sales losses resulting from damage to the country’s oil fields remains to be paid

BERLIN: A United Nations panel that oversees compensation claims stemming from Iraq’s 1990-1991 invasion of Kuwait says it has paid out $270 million to Kuwait’s national oil company.
The Geneva-based UN Compensation Commission said Tuesday the tranche brings to $48.7 billion the amount it has paid out. Iraq must currently set aside 1.5% of proceeds from oil exports for the compensation fund and payments are made once per quarter.
The panel has approved 1.5 million claims brought by over 100 governments and international organizations, with all but one fully paid out.
The remaining claim, which includes the latest payment, comes from the Kuwait Petroleum Corporation. Some $3.7 billion of its $14.7 billion claim for oil production and sales losses resulting from damage to the country’s oil fields remains to be paid.