04/08/2010 00:00 AST

Saudi Arabia's Rabigh Refining and Petrochemical Co (PetroRabigh) experienced a technical difficulty that halted production, meaning the leading oil exporter needs to import around five cargoes of gasoline, traders said.

No one from PetroRabigh was immediately available to comment.

PetroRabigh, an export-oriented joint venture between state oil giant Saudi Aramco and Japan's Sumitomo Chemical, has the capacity to produce up to 60,000 barrels per day (bpd) of high octane gasoline converted from fuel oil.

"There was a technical problem at PetroRabigh which caused production to be halted two days ago and the unit is under maintenance which can take up to two weeks," said a Gulf-based trader, adding the kingdom was looking to import around five cargoes this month.

The world's top oil exporter, Saudi Arabia, typically imports between 60,000 bpd to 70,000 bpd of gasoline monthly, traders said.

"Saudi will need to import because of this shortage, and that would help reduce the oversupply we are seeing in the market which is keeping prices down," said another Dubai-based trader. Both traders asked not to be named.

Gasoline markets have struggled against oversupply this summer as cargoes initially destined for Iran were diverted following new rounds of sanctions imposed by the United States and the European Union.


Reuters

Rabigh Petrochemicals sees 26% decline in second quarter profit

09/08/2018

Saudi Arabia’s Rabigh Refining and Petrochemical Company (Petro Rabigh), a joint venture between Saudi Aramco and Japan's Sumitomo Chemical, saw a 26 per cent decline in second quarter net profit, du

The National

Petro Rabigh commissions 10 units of Rabigh phase II project in KSA

09/01/2018

Rabigh Refining and Petrochemical Company (Petro Rabigh) said that ten out of 12 units of its $7bn Rabigh phase II petrochemical expansion project in Saudi Arabia have entered into production.
<

Energy Business Review

PETRORABIGH say no update on capital hike

10/07/2017

Reference to the announcement of Rabigh Refining and Petrochemical Company (Petro Rabigh) on April 13, 2015, regarding the recommendation of the Board of Directors to increase the company's capital t

Tadawul

Ticker Price Volume
SABIC 123.40 5,002,630
SRMG 99.30 419,924
ZIIC 20.50 48,578
PETRORABIGH Sector Market
P/E
Price/BookValue
Relative Strength
  • 1-Month
  • 3-Month
  • 1-Year
Volume Change
  • 10D Avg Vs 90D Avg
Price Vs…
  • 52-w high
  • 50-day moving avg.
  • 200-Day Moving Avg
Ticker Price Change
BAHRI 30.45 -0.20 (-0.66%)
DANA 1.14 -0.01 (-0.87%)
TAQA 1.18 0.00 (0.00%)
ADNOCDIST 2.36 0.00 (0.00%)
ALDREES 25.70 -0.05 (-0.20%)
Bahrain's Investcorp records $165m loss for 2019-20 financial year

06/08/2020

Bahrain’s Investcorp slipped into a $165 million loss for the 12 months ended June 30, against profits of $131 million a year ago.

The COVID-19 played its part in the loss, as fee income c

Gulf News

Aramex's revenue surges 4pc to $359m in Q2

06/08/2020

Aramex, a leading provider of logistics and transportation solutions, has registered a 4 per cent growth in its revenues for the second quarter which surged to hit AED1.32 billion ($359 million), com

Trade Arabia

Abu Dhabi's Waha Capital trims first-half 2020 attributable losses to Dh27.2m

05/08/2020

Abu Dhabi based investment company Waha Capital recorded a net loss of Dh27.2 million - attributable to shareholders - for the first six months of 2020, an improvement on the Dh124.38 million it rec

Gulf News

FAB issues Formosa bond globally

05/08/2020

First Abu Dhabi Bank (FAB), recently announced the issuance of the largest-ever Chinese Yuan (CNH) denominated dual-listed Formosa bond globally, with a CNH 3.25 billion five-year issuance.

The Gulf Today

Etisalat to pay out Q2 interim dividends from August 11

05/08/2020

UAE's leading telecom services operator Etisalat Group has announced that the interim dividend of 15 fils per share for the second quarter will be paid out starting from August 11 through the First A

Trade Arabia