Saudi Petro Rabigh announces financial completion of Rabigh Project (Phase II)

In addition, the milestone comes after the achievement of the Creditors Reliability Test at an average initial production rate of 99%

  
Image used for illustrative purpose. Refining and petrochemical facilities of Rabigh Refining & Petrochemical Co. are seen near Jeddah.

Image used for illustrative purpose. Refining and petrochemical facilities of Rabigh Refining & Petrochemical Co. are seen near Jeddah.

REUTERS/Ali Jarekji

Riyadh –  Rabigh Refining and Petrochemical Company (Petro Rabigh) announced the financial completion of Rabigh Project (Phase II) on 30 September, as per the lenders’ requirements.

This evidences the company's ability to fulfil its financial obligations by utilising its revenues from operations, according to a stock exchange filing on Thursday.                     

In addition, the milestone comes after the achievement of the Creditors Reliability Test at an average initial production rate of 99%, and the subsequent financial integration of the Rabigh Project (Phase II) over the fourth quarter of 2019.

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