Home / Knowledge / News / Textiles / Petro Rabigh to take over Rabigh Refinery from Saudi Aramco
Petro Rabigh to take over Rabigh Refinery from Saudi Aramco
01
Oct '08
Rabigh Refining and Petrochemical Company (Petro Rabigh), Sumitomo Chemical's equity method affiliate, published the attached announcement regarding the Rabigh Project, a project to construct an integrated refining and petrochemical complex.

Rabigh Refining and Petrochemical Company (Petro Rabigh), Sumitomo Chemical's equity method affiliate, published the attached announcement regarding the Rabigh Project, a project to construct an integrated refining and petrochemical complex.

Petro Rabigh to Take Over Rabigh Refinery from Saudi Aramco in October 2008 Rabigh Refinery and Petrochemical Company (Petro Rabigh) Board of Directors met on September 6, 2008, and approved a number of decisions relating to the progress of the construction of the Company's facilities and its on-going operations.

The most significant of these decisions is that the Board agreed to transfer ownership of the current Saudi Aramco Refinery at Rabigh, with book value of USD 230 MM, to Petro Rabigh and for the Company to assume its full operation and maintenance effective October 1st 2008.

The Board was also apprised of the Company's readiness to start-up the operation of its new Refining and Petrochemical Plants.

It is worth noting that the construction progress for Petro Rabigh has reached 97.6% at the end of August, and some of the new facilities are already in operation such as the utilities and power.

Other facilities such as the Ethane and Butane Pipelines are ready to receive the feedstock to be supplied by Saudi Aramco, while other facilities are progressing for completion and being prepared for start-up.

The Board was also apprised of some of the technical issues that may lead to the rescheduling of the start-up of some units to the first quarter of 2009, and an additional cost of $300 Million, which represents 3% of the total project cost.

The Board believes this potential change is in-line with the recent trends in the construction of massive projects such as the Company's, and an exerted effort is being made to start the full operations of the complex as soon as possible.

Sumitomo Chemical Co Ltd

Must ReadView All

Apparel/Garments | On 5th Dec 2016

EC proposes new tax rules to support e-commerce in EU

The European Commission (EC) has unveiled a series of measures to...

Apparel/Garments | On 5th Dec 2016

Traders to intensify adoption of digital payments

Adoption of digital payments in their existing business format would...

Textiles | On 5th Dec 2016

US textile & apparel exports down 6.44% in Jan-Sept ’16

The exports of textile and apparel from United States were down 6.44...

Interviews View All

Smith Vaghasia
Sanado India

Online remains the best destination for shopping

Mukesh Agarwal & Rajesh Agarwal
Madhuram Fincap Pvt Ltd

Increasing prices and lack of demand main issues facing industry

Amardeep Singh
Orient Craft

'In export markets, the trend in terms of embroidery, is towards matte...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Marten Alkhagen
Swerea IVF AB

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

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Judy Frater
Somaiya Kala Vidya

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

Silvia Venturini Fendi
Fendi s.r.l

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

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

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
December 2016

December 2016

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

SUBSCRIBE


Browse Our Archives

GO


Advanced Search