Saudi Arabia's Yanbu National Petrochemical Co. (Yansab) complex is likely to remain shut for maintenance until the end of next week, the company said late on Sunday.

The complex has been shut down since Oct. 23, due to a problem with a water cooling network, and it had been expected resume operations in the first week of November.

Yansab said in a statement to the Saudi stock market on Sunday that the shutdown is now expected continue until mid November.

The subsidiary of Saudi Basic Industries Corp. (SABIC) had previously said that the key olefins cracker unit would remain offline for a total of 12 days, with other units at the complex restarting before then.

Yansab on Sunday raised its estimated financial loss due to the outage to around 160 million Saudi riyals ($42.6 million), up from around 90 million riyals when it made the announcement on Oct. 27. – Reuters