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

US merchandise trade with India, 2012–16; Courtesy: USITC

Textiles | On 27th Jul 2017

India becomes US’ 9th largest trading partner in 2016

In 2016, India became the United States’ 9th-largest single-country...

Textiles | On 27th Jul 2017

GST will lead to further increase of MMF prices

The Goods & Services Tax (GST) rolled out on July 1, 2017 is not...

Textiles | On 27th Jul 2017

Global yarn production improved 30% q-o-q in Q1: ITMF

In the first quarter of 2017, global yarn production rose by almost...

Interviews View All

Luke Otten
Wigwam Mills Inc

Wigwam aims to recycle discarded yarn that doesn’t make it through the...

Sanjay Yagnik
Maa Tex Speciality

‘We suggest reducing dosage of sizing chemicals to reduce sludge...

C Kamatchisundaram
Voltas

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

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Marcel Alberts
Eurofibers

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

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Bani Batra

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

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

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

July 2017

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Thanks for your valuable feedback. Claim your free latest sustainability e-book.


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X