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FINANCIAL NEWS
Saudi’s PetroRabigh net profit falls 80 pct in Q2
25 Jul 2016
(MENAFN) Saudi Arabia’s Rabigh Refining and Petrochemical Co (PetroRabigh) said it has experienced a 79.6 percent drop in net profit during the second quarter.
The company, a joint venture between Aramco and Japan’s Sumitomo Chemical, recorded a profit of USD27.5 million in the three months to June 30 compared to USD134.5 million in same period last year.
The firm also sustained technical issues at some facilities during the quarter which impacted operations. A 10-day power cut which hit its complex in May had a USD33 million effect on second-quarter results.
Additionally, PetroRabigh reported on June 23 that it had shut its ethane cracker due to a turbine generator fault; the financial impact has yet to be disclosed.
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