Saudi Arabia’s Rabigh Refining and Petrochemical Co. (PetroRabigh) recorded a decline in its Q2 net profit standing at 79.6% due to the decrease in petrochemical prices and refinery margins, reported Reuters. The firm cited a profit of $27.5m in the three months ending on June 30th, compared to around $134m in the same period last year.
Technical problems occurred in some facilities during Q2, which has had a direct effect on the operations. In addition, a ten-day power cut hit the complex in May causing around a $33m loss on the company’s overall quarterly results.
PetroRabigh also said that it had shut its ethane cracker due to a turbine generator fault, Trade Arabia wrote. The second phase of the ethane cracker was estimated to add around $200m of revenues in 2016.