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Petro Rabigh Narrows Second-Quarter Losses

4:52 AM MDT | July 23, 2012 | Natasha Alperowicz

Petro Rabigh (Rabigh, Saudi Arabia), a joint venture between Saudi Aramco and Sumitomo Chemical, says it has narrowed its net loss for the quarter ended June 30, 2012. The company reported a net loss of SR104.4 million ($27.84 million), compared with a net loss of SR402.3 million in the same quarter of 2011 and SR115.8-million net profit reported in the first quarter of this year. Gross profit for the second quarter reached SR173.2 million, compared with SR178.9 million in the same quarter of 2011. Petro Rabigh reported an operating loss of SR62.2 million in...

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