Fahad Almuhaisin, Chief Financial Officer (CFO) of Rabigh Refining and Petrochemical Company (Petro Rabigh), a subsidiary of Aramco, told Asharq, Bloomberg’s Arabic news platform, in a TV interview that the company expects to complete the engineering studies this year for its largest project currently under development. The project aims to convert high-sulfur fuel oil into higher-value products.

Almuhaisin explained that high-sulfur fuel oil accounts for approximately 20% to 22% of the refinery’s total output. The project, known as the Bottom of the Barrel Project, was approved for detailed engineering work in October 2025 and is designed to add two integrated units for fuel-oil upgrading and diesel treatment with a combined capacity of approximately 64,000 barrels per day.

Following Petro Rabigh’s record second-quarter results, Almuhaisin said the company also intends to continue reducing its debt burden. He noted that total debt has been cut by nearly 50% from about US$8 billion in mid-2024, with debt standing at roughly US$3.8 billion in the second quarter of 2026.

Petro Rabigh recently reported its highest quarterly profit since listing, reflecting stronger refining market conditions and the success of its transformation plan.

Founded in September 2005 as a joint venture between Saudi Aramco and Sumitomo Chemical, Petro Rabigh operates a major integrated complex in Rabigh, Saudi Arabia.

In the second quarter (Q2) of 2026, the company’s revenue jumped 416% year-over-year to SAR 20.367 billion, resulting in a record net profit of SAR 2.66 billion and operating profit of SAR 3.02 billion, a sharp turnaround from a net loss in Q2 2025. This momentum pushed first-half profits above SAR 4.12 billion and helped halve total debt to about $3.8 billion.