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PetroRabigh takes $33m hit on power cut

RIYADH, May 31, 2016

A 10-day power cut at Saudi Arabia's PetroRabigh petrochemical complex will have a SR124 million ($33.1 million) impact on the company's second-quarter results, it said on Tuesday.

PetroRabigh, a joint venture between Saudi Aramco and Sumitomo Chemical, did not specify in a statement to the bourse whether this amount referred to revenue or profit.

All of the units at the petrochemicals complex resumed operations on May 29, except for two linear polyethylene units, which were still being put back into operation, the company said.

The interruption, which started on May 19, was caused by a cut in the main power supply lines by one of the contractors working on the company's phase II expansion.

PetroRabigh reported a net profit of SR504.9 million in the second quarter of 2015.  - Reuters




Tags: Saudi Arabia | PetroRabigh | power cut |

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