Petro Rabigh shareholders to vote on contracts with related parties on April 7

Rabigh Refining and Petrochemical Co.’s (Petro Rabigh) shareholders will vote, during the ordinary general meeting (OGM) scheduled for April 7, 2021, on several items including the business contracts signed with related parties, the company said in a bourse filing.

The items include contracts signed with Saudi Aramco for the supply of crude oil required for use at the company’s refining and petrochemical complex; using the oil giant’s extensive marketing network in the field; provision of credit facilities to grant loan facilities to develop, design and construct the integrated refining and petrochemicals plant; periodical secondment of Aramco employees to contribute in the running of business and operations and for the use of their experience and expertise in training Petro Rabigh employees; an agreement covering various operational services and logistic support; and using Rabigh refinery complex lease, terminal lease agreement, and Rabigh Community lease of land and infrastructure facilities.

Board members who have interest as employees of Saudi Aramco include Ibrahim Al-Buainain, Nasser Al-Mahasher, and Sulaiman Al-Bargan.

The contracts signed with Sumitomo Chemical Co. Ltd. include obtaining a variety of high-quality materials and goods for manufacturing products; distribution and marketing of petrochemical products; provision of credit facilities to grant Petro Rabigh loan facilities to develop, design and construct the integrated refining and petrochemicals plant; a contract for land lease and the use of infrastructure with Rabigh Conversion Industry Management Services Co. and the use of its facilities; and provision of services for various operational and logistics support.

Board members who have interest as Sumitomo Chemicals employees include Noriaki Takeshita, Takashi Shigemori and Seji Takauishi.

Shareholders will also vote on the audited financial statements, and board and audit reports for 2020, and releasing members of the board of directors of their liabilities for the year.

Moreover, they will also vote on the appointment of an auditor to examine, review and audit the financial statements for Q2, Q3 and FY2021; Q1, Q2, Q3 and FY2022; and Q1 2023.