Reuters reported that Saudi based Rabigh Refining and Petrochemical Company narrowed its net loss by 64.1% in the Q4 which saw the commercial launch of its USD 10.1 billion complex.

As per report, the JV of Saudi Aramco and Japan's Sumitomo Chemical made a net loss of USD 86.3 million in the 3 months to end December down from USD 240.72 million per year earlier. It attributed the narrowing of the loss to improved margins of petrochemical and hydrocarbon products and the recognition of feedstock adjustment.

State controlled Aramco and Sumitomo Chemical each have 37.5% stake in JV with the rest publicly held.

Mr Ziad Al Labban CEO of Petro Rabigh said that the company could make a profit in the Q4 of 2009 if refining margins improve fast enough. A month later, he said that margins had not yet started to improve unlike prices of petrochemicals.

(Sourced from Reuters)