Riyadh – Mubasher: Rabigh Refining and Petrochemical Company (Petro Rabigh) lowered its accumulated losses from 53.09% of share capital at the end of June 2024 to 36.16% as of 31 August.
The company’s accumulated losses hit SAR 6.04 billion following a waiver by Saudi Arabian Oil Company (Aramco) and Sumitomo Chemical Company of a portion of revolving shareholders’ loans for SAR 1.87 billion ($500 million), each.
Petro Rabigh indicated that the waiver aligns with the ongoing support by the founding shareholders to enhance its financial position and facilitate its turnaround strategy, according to a bourse disclosure.
In the first half (H1) of 2024, the net losses of Petro Rabigh enlarged by 14.12% year-on-year (YoY) to SAR 2.46 billion from SAR 2.16 billion.
