Saudi PetroRabigh swings to profit in Q1

21 Apr 2010

(MENAFN) Rabigh Refining and Petrochemical (PetroRabigh), based in Saudi Arabia, posted its first quarterly net profit after starting operations at its $10.1 billion complex, Reuters reported.

PetroRabigh swung to a net profit of $2.4 million in the three months to end-March from a net loss of $7.65 million a year earlier, PetroRabigh said in a statement to the local bourse.

However, first-quarter operating results at the joint venture of Saudi Aramco and Japan’s Sumitomo Chemical remained in the red after it inaugurated the giant plant in November and commissioned all the production units in December.

The company made a net operating loss of $13.25 million in the first quarter, wider than the $10.4 million loss a year earlier but narrower than a $49.2 million operating loss it made during the fourth quarter of 2009.

Saudi Aramco and Sumitomo Chemical each have 37.5 percent stakes in the joint venture with the rest publicly held.

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