PetroRabigh Q2 net loss doubles
Riyadh, July 20, 2009
Saudi-based Rabigh Refining and Petrochemical Company (PetroRabigh) said on Monday its losses had more than doubled in the second quarter, citing higher costs and lower demand for petrochemical products.
The joint-venture of Saudi Aramco and Japan's Sumitomo Chemical made a net loss of SR236 million ($62.93 million) in the quarter compared to a 115 million riyal loss in the same period last year, the firm said in a statement.
The firm also said chief executive Saad al-Dosary had resigned after his term was over and was replaced by Ziyad Allaban. It gave no more details.
PetroRabigh's operational losses increased in the second quarter by 90 per cent to 240 million riyals, compared to 126 million in the same period last year.
State-controlled Aramco and Sumitomo Chemical hold 37.5 percent each of PetroRabigh's capital. The remainder is floated.
PetroRabigh, which has started partial operations of its facilities in the fourth quarter of 2008, started exporting small quantities of polymers early this month.-Reuters