Saudi Arabia’s Petro Rabigh announced on 24 October financial results for the third quarter 2013 and the nine months ending 30 September. The figures reveal the impact on the ethane-cracker based complex of two recent supply outages from the utilities plant operated by the Rabigh Arabian Water and Electricity Company (RAWEC). Petro Rabigh has only recently returned the cracker to full throughput capacity of 95mn cfd and is seeking SR187.5mn ($50mn at $1=SR3.75) compensation from RAWEC (MEES, 11 October).
Third quarter net profit was SR14mn ($3.73mn), down 96.58% from SR409.3mn in 3Q12; 3Q13 gross profit was SR202.1mn, down 68.63% from SR644.3mn in 3Q12; and 3Q13 operational profit was SR27.9mn, down 93.95% from SR460.9mn in 3Q12. However small, the profits for 3Q13 represent an improvement from the previous quarter, when a net loss of SR236.7mn, a gross loss of SR7.7mn and an operational loss of SR210.9mn were recorded. (CONTINUED - 292 WORDS)