Petro Rabigh to raise up to SR4.6 bln in IPO open to all Saudi nationals

17-Dec-07
Petro Rabigh, the Rabigh Refining and Petrochemical Company, plans to raise an estimated SR4.599 bln in its initial public offering (IPO) at SR21 per share, open to all Saudi nationals. Petroc Rabigh will sell 219 mln shares representing a 25% stake between January 5 and 12 next year. Petro Rabigh is a US$9.8 bln, 50:50 joint venture between Saudi Aramco and Japan's Sumitomo Chemicals. The complex, launched in September 2005, is the largest combined oil refinery and petrochemical production facility ever built at one time. Saudi Aramco will supply Petro Rabigh with the feedstock necessary to operate the plant, including ethane, on a long-term, fixed-price basis and will market the refined products produced by Petro Rabigh. Sumitomo Chemical will provide petrochemical international sales and marketing expertise, as well as technology licensing. Upon completion, Petro Rabigh will be one of the world's largest integrated refining and petrochemical complexes and one of the most sophisticated. The plant will combine a low-cost, long-term stable supply of feedstock from Saudi Aramco, the world's largest oil company, with the petrochemical marketing and technical expertise of Sumitomo Chemical, the Japanese chemical giant. Benefitting from the supply of extremely competitively priced crude oil, ethane and butane and the strong distribution and marketing networks of its founding partners, Petro Rabigh will create new economies of scale that will make it one of the global leaders in the industry.
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