The Petro Rabigh refining and petrochemicals JV of Saudi Aramco and Japan’s Sumitomo made a first quarter net loss of SR1.80bn ($480mn) – its largest quarterly loss ever – from revenues of SR4.06bn ($1.08mn), due to a scheduled shutdown of all its plants from 1 March.
The 1Q20 results, which Petro Rabigh disclosed to the Tadawul stock exchange on 28 April, show a 48% decline in revenues from 4Q 2019’s $2.10bn and a 66% slide from peak quarterly revenue of $3.21bn in 3Q18 (see chart). (CONTINUED - 229 WORDS)
