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Saudi Arabia’s Rabigh Refining and Petrochemical Company (Petro Rabigh) has decreased its accumulated losses to 36.16% of its share capital, or 6.04 billion riyals ($1.6 billion), as of 31 August 2024.
Its accumulated losses as of June-end stood at 50% of share capital, or SAR 16.7 billion.
The reduction was achieved via a waiver of loans amounting to SAR 1.88 billion each by founding shareholders Saudi Arabian Oil Co. and Sumitomo Chemical Co. Ltd. together with related commissions accrued thereon, a Petro Rabigh statement on Riyadh’s Tadawul exchange said on Thursday.
(Writing by Brinda Darasha; editing by Daniel Luiz)