Mubasher TV
Contact Us Advertising   العربية

Petro Rabigh inks deal for fuel oil development

Petro Rabigh inks deal for fuel oil development
The financial impact of the deal will be disclosed later
PETRO RABIGH
2380
-25.85% 7.40 -2.58

Riyadh – Mubasher: Rabigh Refining and Petrochemical Co. (Petro Rabigh) has signed a contract with US-based Jacobs Engineering Group for the design and management of the Saudi company’s fuel oil development project.

The project will transform low-quality fuel oil to diesel and a group of other high-quality projects, Rabigh said in a bourse statement on Wednesday.

The financial impact of the deal will be disclosed later, the Saudi-listed company added.

Petro Rabigh reported a 53% year-on-year decrease in profits for the full fiscal year of 2018, as the company’s net profits after calculating Zakat and Tax amounted to SAR 669 million ($178.36 million).