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Saudi Arabian Rabigh Refining and Petrochemical Co. (Petro Rabigh) said on Monday that it has finalized procedures for transferring Rabigh II to its ownership from Saudi Aramco and Sumitomo Chemical, its founding shareholders.
Petro Rabigh will now take responsibility for the construction of all Phase II Project facilities, and will remain committed to contractual agreements. The total budget of Rabigh Phase II is currently estimated at SAR 30 billion.
Its facilities are expected to be completed as of December 2015; with the exception of the Nylon 6 plant, which will be on stream in mid-2016.
Rabigh Phase II will involve a major expansion of Petro Rabigh’s existing facilities. It will also produce high-value products and introduce new specialty petrochemicals to the kingdom.
After Phase II is completed, the complex will have a production capacity of 5 million tons of petrochemical products per year, as well as 15 million tons of refined petroleum.
Petro Rabigh added that it has obtained SAR 19.4 billion in facilities from various lenders to finance the project. The loans should be paid over a course of 16 years.
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