PetroRabigh was profitable during 2010-12, despite several loss-making quarters. The outlook has since become more challenging. In September, the firm said it would cancel the IWSPP agreement with Marubeni and Acwa, thought to be the first time an independent power plant contract has been cancelled.
In the third quarter of 2013, PetroRabigh announced profits of SR14m, compared with SR409m in the same period a year earlier. This was partly due to a power outage, which damaged the ethane cracker. The issue was fixed during October, but will have a negative impact on fourth-quarter earnings of about SR81m, according to the company.
The net result of this is that 2013 may be the first loss-making year for PetroRabigh since 2009.