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FINANCIAL NEWS
Saudi PetroRabigh Q3 net loss up by 18% to USD74.81m
20 Oct 2011
(MENAFN) PetroRabigh said that since maintenance work at the refinery reduced sales, third quarter net loss grew by 18 percent to USD74.81 million from USD63 million in 2010’s same quarter, reported Emirates 24/7.
The refinery added that the amount of crude it could process cold reach 400,000 barrels per day (bpd), which represented around 19 percent of Saudi’s total refining capacity.
The refinery, which started operations in 2009, also said that it sold its products mainly to the Saudi, European and North African markets.
It is worth noting that PetroRabigh is a joint venture of the state-owned oil company Saudi Aramco and Japan’s Sumitomo Chemical, where both companies have 37.5 percent stakes in the refinery, whereas the rest is publicly held.
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