Rabigh Refining and Petrochemical Company, “Petro Rabigh,” Saudi Arabia, announced the signing of three joint facilities and revolving loans worth 7.5 billion riyals (two billion dollars).
According to the company’s disclosure to the local stock exchange, Thursday, the agreements were divided into an agreement with the founding partner, “Saudi Aramco”, worth 1.88 billion riyals ($ 501 million) for a period of 36 months after December 2020.
And a second agreement with a revolving loan with “Aramco” amounting to 2.81 billion riyals (749 million dollars) for a period of 36 months after December 2020, and a third agreement with a revolving loan with the founding partner, Sumitomo Chemicals, amounting to 2.81 billion riyals (749 million dollars) for a period of 36 months after December 2020 .
And “Petro Rabigh” is the second largest energy sector company listed on the stock exchange after “Aramco”, which is an integrated complex for petroleum refining and petrochemicals, and it is 37.5 percent owned by “Aramco” and “Sumitomo”.
The company said the purpose of the financing was to support the company’s general and working capital objectives.
The public finances of energy companies in Saudi Arabia, which is classified as the third largest producer of crude oil with an average of 10 million barrels per day in normal conditions, have been affected by the decline in barrel prices during 2020.
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