Petro Rabigh to study setting up new oil conversion project

Rabigh Refining and Petrochemical Company’s (Petro Rabigh) board of directors has recently approved launching studies on setting up a project to convert low-quality fuel oil into high-quality diesel and other products, the firm said in a statement to Tadawul on Sunday.

The new project, which includes building two main labs and other facilities, will have a production capacity reaching 75,000 barrels per day, it said.

Petro Rabigh will invite contractors his month to bid for preparing the project’s preliminary engineering studies.

The firm will disclose later the project’s expected financial impact and any other developments, it added.