Petro Rabigh says BoD authorized to transfer project’s ownership

Rabigh Refining and Petrochemical Company (Petro Rabigh) said today that the company’s board of director (BoD) has the sole authority to approve the transfer of the second expansion project’s ownership from founding shareholders, without referring to the general assembly, the company said in a statement to Tadawul.

It was referring to the recent ownership transfer of the second expansion phase of its project Petro Rabigh Phase II project from founding shareholders, Saudi Aramco and Sumitomo Chemical, to the company.

The Phase II Project involves the expansion of Petro Rabigh's Refining and Petrochemical Complex located approximately 150km north of Jeddah, Saudi Arabia. The feasibility study for the expansion project started in April 2009. Construction is underway and the project is expected to be commissioned in the first half of 2016.