Home / Knowledge / News / Textiles / Petro Rabigh reveals developments on petrochemical project
Petro Rabigh reveals developments on petrochemical project
06
Aug '14
With reference to Rabigh Refining and Petrochemical Company (Petro Rabigh) announcement Regarding Rabigh Phase II Project (Currently Under Construction) and based on Due Diligence study conducted by Petro Rabigh for a comprehensive assessment, the Board of the Company agreed on July 31st, 2014 to integrate Rabigh Phase II Project to Petro Rabigh’s Refining & Petrochemical Complex and to transfer ownership of Rabigh Phase II Project from the founding shareholders to Petro Rabigh at such time when a set of conditions are met by the founding shareholders.

The most important conditions are mentioned as following:
- Founding shareholders to secure project finance loan approvals for the Project.
- Founding shareholders to ensure that the Project will be in compliance with all related Government regulations and ensure the issuance of all required Government permits.
- Founding shareholders to implement Petro Rabigh’s proposed additional technical scope.
- Founding shareholders shall work jointly with PRC to develop ownership transfer roadmap.

Petro Rabigh Board of Directors also authorized the Company’s Management to proceed, on behalf of the Company, with the implementation of Rabigh Phase II Project at such time when, in Management’s reasonable judgment, all conditions mentioned above are satisfied.

This includes entry into, executing and delivery of any necessary agreements with the founding shareholders and their affiliates. Addressing above conditions and ownership transfer process are expected to be completed in the 4th Quarter of 2014.

Petro Rabigh

Must ReadView All

Courtesy: Creora

Textiles | On 28th Mar 2017

Hyosung holds Creora workshops in China, HK & Taiwan

South Korean specialty fibre producer Hyosung held a series of...

Apparel/Garments | On 28th Mar 2017

US withdrawal from TPP to not impact Vietnam garment exports

A high ranking official of the Vietnam Textile and Apparel...

Apparel/Garments | On 27th Mar 2017

NYCEDC announces $51mn package for NYC garment industry

New York City Economic Development Corporation (NYCEDC), in...

Interviews View All

C Kamatchisundaram
Voltas

ITME is an occasion not only to receive new leads but also to work on...

Shawn Honeycutt
Bolger & O'Hearn

‘The Indian market is interesting and rather persistent in seeking new...

Yash Agarwal
Hitansh Online

Every market region has its own culture and trends

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
March 2017

March 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search