AlwaysFree: Petro Rabigh Swings To Net Loss In January-September 2020

Rabigh Refining and Petrochemical Co. (Petro Rabigh) reported a net loss of SAR3.842 billion ($1.02 billion) in January-September of 2020, compared to a profit of SAR343 million in the same period last year. Petro Rabigh said the decline was mostly due to a 60-day total shutdown in its complex for periodic maintenance and inspection. In addition, product margins narrowed because of the challenging economic conditions amid the coronavirus pandemic.

For the third quarter, Petro Rabigh’s net loss stood at SAR610 million ($162.57 million), falling from a net profit of SAR394 million in the same period in 2019. The loss was primarily attributed to lower refinery margins and the challenging market conditions amid the pandemic. However, the company’s net loss narrowed 57.5% from SAR1.435 billion in the second quarter of 2020.

Tags: All Chemicals,AlwaysFree,English,Middle East,Saudi Arabia