United Mining notified of gas price adjustment

08/01/2024 Argaam

United Mining notified of gas price adjustment

Logo of United Mining Industries Co.

United Mining Industries Co. (UMI) was notified today, Jan. 8, by The Power and Water Utility Co. for Jubail and Yanbu (MARAFIQ) of gas price adjustments. This came followed a communication from Saudi Arabian Oil Co. (Saudi Aramco) on hiking prices of the gas used in production, effective Jan. 1.

 

According to a statement to Tadawul, the company is assessing the financial impact of this price change on production costs, expecting it to be evident in the first quarter of 2024.

 

The company is exploring ways to eliminate this impact on profitability. Any conclusions or updates will be disclosed once they are finalized, the statement added.

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