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Petro Rabigh posts USD 107 mln losses

July 21/2011

(Arabian Oil and Gas) -- Rabigh Refining and Petrochemicals Company (Petro Rabigh) posted a $107m loss in the second quarter compared to USD 186.25 mln profits in the first quarter. The first half profits have slashed 25% to USD 78.98 mln compared to USD104.87 mln for the same first half 2010.

The company blamed a two-month closure of its facilties for the loss, as it conducted maintenance work requiring total production shutdown. Closure of the complex for maintenance from April 21 to June 30 hit sales for the comparable period of 2011 hard.

The reason for the loss in the second quarter is the substantial decrease in sales resulting from loss of production during the shutdown period of the complex for test and inspection maintenance," the firm said in a statement.

Operational losses for the second quarter were USD 103.72m, compared to a profit of USD 22.13m in the same quarter last year, it said. Petro Rabigh started operations at its USD 10.1 billion complex in 2009. Aramco and Sumitomo Chemical each have 37.5-percent stakes in the joint venture, while the rest is publicly held.

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