Saudi Arabia’s Rabigh Refining and Petrochemical Co (PetroRabigh) reported that its profits swung to a net loss in the third-quarter, reported Reuters.
The company’s explanation was lower margins on petrochemical products and weak oil prices, having lost $122.7 m in the three months to September 30.
The company also said it would shut its refining and petrochemical operations for 50 days from October 11.
According to Trade Arabia, PetroRabigh is the fourth-largest petrochemical maker in Saudi Arabia by market value.
Additional causes given for the losses were low lifting by marketers and an inventory build-up from its complex shutdown in the fourth quarter.
It is worth noting that the crude oil PetroRabigh utilizes is subsidized.