Rabigh Refining and Petrochemical Co. (Petro Rabigh) amended its water and energy conversion agreement with Rabigh Arabian Water and Electricity Co. (RAWEC) to meet the needs of its Rabigh II plant.
The agreement, effective as of March 16, will end 25 years from the commencement of commercial operations scheduled for June 2016, the company said in a statement to Saudi Arabia’s bourse.
Petro Rabigh will use more utilities for the Rabigh II facility. Power usage will be raised by 44 percent, steam by 82 percent, and distilled water by 41 percent.
RAWEC is currently expanding its utility production inside Petro Rabigh complex.
The financial impact of the agreement will be subject to the actual usage of utilities upon the project's launch, Petro Rabigh added.
Ownership of Rabigh II was transferred by Saudi Aramco and Sumitomo to Petro Rabigh as an expansion of Petro Rabigh’s existing petrochemical plant to increase output and introduce higher-margin products.
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