Home / Knowledge / News / Textiles / Petro Rabigh reveals developments on petrochemical project
Petro Rabigh reveals developments on petrochemical project
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

Union textiles minister Smriti Irani addressing at the Texprocil Annual Export Awards. Courtesy: PIB

Textiles | On 22nd Oct 2016

Govt to extend special package to home textiles segment

The Central government is likely to extend the recently approved Rs...

Reebok Liquid Speed Grey. Courtesy: Business Wire

Apparel/Garments | On 22nd Oct 2016

Reebok’s Liquid Factory brings sneaker creation to US

Reebok, a pioneer in the sporting goods industry, has brought sneaker ...

Courtesy: GHCL

Textiles | On 22nd Oct 2016

GHCL to invest Rs 67.25 crore in textile division

Chemicals and textiles firm GHCL will invest Rs 67.25 crore in its...

Interviews View All

Giovanni Pizzamiglio, Paolo Crespi & Riccardo Robustelli
Epson, For.Tex & F.lli Robustelli

‘The percentage share of printing in the global textile market is pretty...

Cyril Pereira
Reed Exhibitions India, organiser of Asian Machine Tool Exhibition 2016

'Major problem in the textile machinery manufacturing industry is the lack ...

Victor Chao

‘In future, clothing boundary lines will become increasingly blurred.’

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies

October 2016

October 2016

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


Browse Our Archives


Advanced Search