PetroRabigh posts US$63 mln net loss in Q2

21-Jul-09

Rising costs and weak demand has pulled down profits at Saudi-based Rabigh Refining and Petrochemical Co (PetroRabigh). PetroRabigh losses have increased more than two fold in Q2. The Saudi Aramco, Sumitomo Chemical JV has posted a net loss of 236 mln riyals (US$62.93 mln) in the quarter compared to a 115 mln riyal loss in the same period last year. PetroRabigh's operational losses increased in Q2 by 90% to 240 mln riyals, compared to 126 mln in the same period last year.