Aramco loan $2 billion to Petro Rabigh to cover cash shortfall

Sumitomo Chemical and Saudi Aramco have issued a $ 2 billion loan to JV Petro Rabigh (Rabigh, Saudi Arabia) after revealing a trade in working capital shortages due to rapidly deteriorating market conditions since the spin. this year.

“The market environment has deteriorated rapidly since late last year. Along with other factors, including periodic shutdown maintenance, Petro Rabigh faced a shortage of working capital,” Sumitomo said. To make up for the shortfall, Sumitomo and Aramco have lent cash, the companies each contributing $ 750 million, equivalent to 37.5% of their shares in JV. The company adds: “Sumitomo Chemical continues to provide the necessary support until Petro Rabigh “To be able to continue its sustainable activity to achieve sustainable growth.”

The remaining 25% of Petro Rabigh, who is on the public list, belongs to Saudi private investors.