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

Market share of Indian textile items expand in 13 nations

Textiles | On 11th Dec 2017

Market share of Indian textile items expand in 13 nations

Thirteen countries — Germany, France, Italy, the United States,...

Courtesy: EUBrasil

Textiles | On 11th Dec 2017

Euratex, ABIT welcome negotiations for EU-Mercosur FTA

European Apparel and Textile Confederation (Euratex) and the...

Most firms expect no change in investment plans: CII survey

Textiles | On 11th Dec 2017

Most firms expect no change in investment plans: CII survey

Despite visible optimism in Indian industry with the Confederation of ...

Interviews View All

Smith Vaghasia
Sanado India

Online remains the best destination for shopping

Shawn Honeycutt
Bolger & O'Hearn

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

Abhishek Samdaria
Reflete

GST will certainly reduce a lot of paperwork in future

Urmil Arya

Sushila International, a well established textile organisation established ...

Harsh Shah

Established in 1956 with a small beginning, Embee today manufactures a...

Ravindra Jain, Ashish Baid

Oswal Prints Private Limited has been manufacturing and exporting ethnic...

Marcel Alberts
Eurofibers

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

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Steve Cole
Xerium Technologies

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

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Yash P. Kotak
Bombay Hemp Company

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

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

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 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

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.2%
No
12.1%
Skip
18.7%

Total Votes: 91

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

Yes No

Active Poll

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

Yes
61.5%
No
30.8%
Skip
7.7%

Total Votes: 91

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

Yes No

Active Poll

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

Yes
86.8%
No
9.9%
Skip
3.3%

Total Votes: 91

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

Active Poll

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

Yes
81.3%
No
8.8%
Skip
9.9%

Total Votes: 91


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