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Saudi Arabia’s Petro Rabigh Implements Several Strategic Projects

Saudi Arabia’s Petro Rabigh petrochemicals company is implementing several strategic projects as part of its asset development programme, a senior executive has said.

The projects will contribute to increasing production capacity and boosting output of higher-value products, thus supporting the growth of operating profits in the coming years, Petro Rabigh’s Chief Financial Officer, Fahad Al-Muhaisen said.

He said that the company’s success in eliminating accumulated losses and returning to retained earnings represents a significant milestone in its transformation journey. The company, a joint venture between Saudi Aramco and Japan’s Sumitomo Chemicals, registered 416 percent year-on-year revenue growth during the second quarter.

Al-Muhaisen credited increased production and sales volumes, along with improved product prices and refining margins for the second quarter standout performance.

He noted that higher operating and production rates were the primary drivers of revenue growth, directly impacting sales volumes in the refining and petrochemical sectors.

Improved refining margins and higher prices for several products also contributed to enhanced financial performance and the company's best results to date, he added.

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