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Petro Rabigh Swings to Profit in Second Quarter but Fails to Match First Quarter Results

1:49 AM MDT | July 21, 2010 | Natasha Alperowicz

Rabigh Refining and Petrochemical Co. (Petro Rabigh; Rabigh, Saudi Arabia), a joint venture between Saudi Aramco and Sumitomo Chemical, reported a net profit of SR121.8 million ($32.5 million) in the second quarter of this year compared to a net loss of SR236 million in the corresponding period of 2009. The result was well below the SR271.5 million net profit Petro Rabigh achieved in the first quarter of this year. Net profit in the first six months of this year was SR393.3 million, compared to a SR246.6 million loss in the first half of 2009. The company...

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