Rabigh Refining and Petrochemical Company (Petro Rabigh), which is 60 percent owned by Saudi Aramco, said its operations were not affected by the regional conflict, according to its President and CEO, Othman Al-Ghamdi.

The company continued to receive feedstock (crude oil and ethane gas) at the same levels from Aramco, he told Al Arabiya.

He said the prices of petroleum derivatives, such as diesel and jet fuel, increased by more than 100 percent, while petrochemical prices rose by 30 percent to 80 percent, covering additional costs and contributing to strong profit margins.

The CEO expects markets will need time to recover, even if the Strait of Hormuz were fully reopened, given supply disruptions from the regional war and the depletion of large stockpiles in many countries.

Al-Ghamdi said that Petro Rabigh has completed its financial restructuring, adding that debt has fallen from $11 billion in 2021 to less than $4 billion currently.

He said that the significant debt reduction has reduced financing cost burden, improved the financial position and cut accumulated losses to below 15 percent.

Petro Rabigh reported a net profit of 1.5 billion Saudi riyals ($399.93 million) in the first quarter of 2026, against a net loss of SAR 691 million in the prior-year period.

(Editing by Anoop Menon) (anoop.menon@lseg.com)

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