Aramco, Sumitomo Chemical JV Petro Rabigh's Q4 net income falls 4.4% year-over-year to 50.3M Saudi riyals as operating profit drops 20% to 53.7M Saudi riyals; results reflect narrowing refining margins, company says

LOS ANGELES , January 18, 2012 () – Saudi Arabia-based Refining & Petrochemical Co. (Petro Rabigh) saw its net profit fall 4.4% year-over-year to 50.3 million Saudi riyals in Q4 due to narrowing of refining margins, Reuters reported Jan. 18, citing a company statement.

The company saw its operating profit plunge 20% during the quarter to 53.7 million Saudi riyals, Reuters reported.

Petro Rabigh is a JV between the Saudi Arabian Oil Co. (Saudi Aramco) and Japan-based Sumitomo Chemical, with each owning a 37.5% stake while the rest is publicly owned, Reuters noted.

The primary source of this article is Reuters, London, England, Jan. 18, 2012.


* All content is copyrighted by Industry Intelligence, or the original respective author or source. You may not recirculate, redistrubte or publish the analysis and presentation included in the service without Industry Intelligence's prior written consent. Please review our terms of use.