Petro Rabigh maintained its strong performance in Q3, with profits of $687mn, the second highest on record. The company operates a 400,000 b/d refinery and integrated petrochemicals complex at the Red Sea port of Rabigh, and is enjoying a record run of quarterly results.
Prior to turning a $391mn profit in Q1, Petro Rabigh (Aramco 65%, Sumitomo Chemical 15%, free float 20%) had been on a run of successive quarterly losses since mid-2022 but a corporate restructuring completed in October relieved it of onerous debt repayment obligations (MEES, 31 July). It has therefore been able to capitalize in full on high margins for its products, with Rabigh relatively unaffected by the regional conflict. (CONTINUED - 293 WORDS)
