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PetroRabigh shuts key unit for maintenance

Riyadh, April 22, 2013

Saudi Arabia's PetroRabigh said it was shutting its ethane cracker and related units for maintenance, which would affect its earnings in the second quarter of this year.

The cracker will shut down from Monday until May 3, when the units would gradually be restarted, the company said in a statement late on Sunday. It said it could not estimate the size of the financial impact.

PetroRabigh also said it posted a SR658.1 million ($175.5 million) net loss in the first quarter of this year, when a severe disruption of supplies of power and steam between late December and mid-January forced it to shut operations.

In the first quarter of 2012, the company posted a profit of SR115.8 million.-Reuters




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