In June, industry sources told Reuters PetroRabigh
planned to build the units with contracts likely to be awarded in the first quarter of 2016.
seems to have bucked that trend, saying its profit surge was due to an improved spread on some products.
No figures for how much cash would be raised by PetroRabigh
- a joint venture between Saudi Aramco and Sumitomo Chemical - were given in the statement.
Abdullah bin Saleh Al-Suwailem, president and CEO of PetroRabigh
, said: "The shipment is a significant step forward in the export operations of PetroRabigh
products due to the proximity of the port to the headquarters of the company's operations.
, a JV with Sumitomo Chemical of Japan, is expanding on the same scale.
The state-owned Saudi Aramco is planning initial public offerings (IPOs) for two refineries in the coming years, after the early 2008 listing of PetroRabigh
, an integrated refining and petrochemicals JV of Saudi Aramco and Sumitomo Chemical of Japan.
8, the inauguration of PetroRabigh
- one of several integrated refining and petrochemicals JVs Saudi Aramco is developing - was a key moment in its ambitions to extend its downstream activities beyond oil refining.
Saudi Arabia buys high-octane gasoline mainly from the Middle East and Mediterranean and the start-up problems at the PetroRabigh
RFCC will prompt the kingdom to continue importing the motor fuel until September, an industry source had said.
Khalid Al Faleh announced that Saudi Aramco intended to sign a memorandum of understanding with Sumitomo Chemical for construction and establishment of the second phase of the PetroRabigh
ALFalak was recognized for its key role in broadening Alcatel-Lucent's IP Networking business in the region as well as its inclusion in major projects such as PetroRabigh
, Khurais and Lost Paradise of Delmon Water Park.
is a joint venture between Saudi Aramco and Sumitomo Chemical Co.
These fuels are shipped from the Yanbu' and PetroRabigh
refineries as SA no longer relies on the busy port of Jeddah.