MOSCOW (MRC) -- Rabigh Refining and Petrochemical Co.’s (Petro Rabigh) board of directors accepted on Wednesday the resignation of chairman Abdulaziz Al Gudaimi, effective as of Feb. 1, according to Agraam.
Petro Rabigh, the 50:50 joint venture between Saudi Aramco and Japan's Sumitomo Chemical, clarified in a bourse filing that the resignation was submitted on Jan. 19 for personal reasons.
Ibrahim bin Qassim Al Buainain will be appointed as the new chairman. Al Buainain holds a bachelor’s degree in mechanical engineering and 2 masters’ degrees in business administration and innovation and leadership.
In 1989, Al Buainain joined the Saudi Arabian Oil Company (Saudi Aramco) as operation engineer in Ras Tanura Refinery, then held several positions at the same company. He has more than 26 years of experience in the oil and gas field.
The board’s decision will be submitted to the upcoming general assembly meeting for approval, the statement added.
As MRC wrote previously, Petro Rabigh completed all construction works for capacity expansion at its ethane cracker in late March 2016, after which the cracker's capacity rose to 1.6 million mt/year from 1.3 million mt/year. The expanded cracker began production in late April, 2016.
Ethylene and propylene are feedstocks for producing polyethylene (PE) and polypropylene (PP).
According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 1,904,410 tonnes in the first eleven months of 2019, up by 6% year on year. Shipments of all PE grades increased. PE shipments increased from both domestic producers and foreign suppliers. The PP consumption in the Russian market was 1,161,830 tonnes in January-November 2019, up by 7% year on year. Deliveries of all grades of propylene polymers increased, with the homopolymer PP segment accounting for the largest increase.
PetroRabigh, a joint venture between Saudi Aramco and Japan's Sumitomo Chemical, has an annual output capacity of 18 million tonnes of refined products and 2.4 million tonnes of petrochemicals. Thus, the complex currently has a cracker to produce 1.6-million t/y of ethylene, as well as downstream production of polyethylene, polypropylene, propylene oxide, ethylene glycol and butene-1.
MRC