Thursday, November 15, 2007

Talks on to expand US$10 bln PetroRabigh

Saudi Aramco and Sumitomo Chemicals are in talks to expand their US$10 billion joint venture Rabigh Refining and Petrochemical Co. (PetroRabigh), in a bid to add new product lines to the complex. PetroRabigh is estimated to start commercial operations in Q4-08, and is planning an IPO next year to sell a 25% stake open only to Saudi nationals. An early share sale would raise cash and help offset rising project costs.

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