By SHIKRALLAH NAKHOUL
BEIRUT -- Saudi Basic Industries Corp., or Sabic, said on Saturday that a labor dispute at one of its plants in Europe has led to a decline in production there.
The decrease in production at the Sabic Europe Chemicals plant located in the Dutch city of Geleen began January 31 due to a proactive measure taken by the union workforce as a consequence of no finalized agreement regarding work conditions, Sabic said in a statement posted on the Saudi bourse website.
"Sabic is keen on protecting its investments, and considers all other options available; it is not possible to determine the financial effect or the effect on production capacity, at this time," it added.
Sabic Europe Petrochemicals, which is headquartered in Sittard, focuses on polyolefins production. It operates a network of sales offices and three production sites located in Geleen, in the UK's Teesside, and in Germany's Gelsenkirchen, according to the statement.
The Saudi giant petrochemicals maker said in January that its net profit for the fourth quarter of 2012 rose 11% on improved sales volumes and prices.
Dow Jones Newswires (Zawya)