Oct 21 2010 |
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Rabigh loss narrows in Q3
JEDDAH: Rabigh Refining and Petrochemicals Co. , a joint venture between Saudi Aramco and Sumitomo Chemical Co. of Japan, said third-quarter loss narrowed to SR237.2 million from SR844.7 million loss in the year ago period.The loss was due to lower sales of petrochemical products because of the shutdown of plants in August, according to a company statement to the Saudi bourse Wednesday.
All units are currently operating at normal capacity, it said.
Oil rebounded nearly 3 percent Wednesday on a weaker dollar, stronger equities and a smaller-than-expected rise in US crude stockpiles.
US crude for November delivery gained $2.47 at $81.96 a barrel by 1725 GMT. The December contract traded briskly, rising $2.34 to $82.50. ICE December Brent crude rose $2.36 to $83.46.
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