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People & Business :: Earnings/Finance

Petro Rabigh: third-quarter profits down; restarts ethane cracker

4:23 AM MDT | October 24, 2013 | Natasha Alperowicz

Rabigh Refining and Petrochemical Co. (Petro Rabigh; Rabigh, Saudi Arabia) today reported a major decline in third-quarter profits and a huge loss in the first nine months. Meanwhile, Petro Rabigh, a joint venture between Saudi Aramco and Sumitomo Chemical, has re-started its ethane cracker following repairs to leaking pipes.   Net profit in the third quarter reached 14 million Saudi riyals ($3.7 million) compared with SR409.3 million in the year-earlier period. Operating profit was down from SR460.9 million in the third quarter of 2012 to SR27.9 million...

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