Saudi Aramco to sell Rabigh chemical products
Aramco Trading will sell products including polypropylene and polyethylene made by Rabigh Refining & Petrochemicals. The company began physical deliveries of the first chemical products today, it said.
By ANTHONY DiPAOLA
Saudi Aramco Products Trading Co., the fuel marketing unit of
Saudi Arabias state oil producer, started selling
products of an affiliated petrochemicals
Aramco Trading will sell products including polypropylene and
polyethylene made by Rabigh Refining
Co., according to a
statement on the state oil companys website. The
company began physical deliveries of the first chemical
products today, it said.
Saudi Arabian Oil Co., the worlds largest oil exporter,
owns all of the marketing unit and 37.5% of the refinery
, known as Petro Rabigh.
Sumitomo Chemical holds an equal share in Petro Rabigh, with
the remainder traded on the stock market.
The partners will sell equal amounts of Petro Rabighs
products, according to a Petro Rabigh statement.
Persian Gulf oil producers such as Saudi Arabia are boosting
chemical output to diversify their economies away from
reliance on crude sales for revenue by selling finished
products like transport fuels and plastics.
Aramco and Sumitomo plan to expand the Petro Rabigh plant,
and Aramco is building additional chemical capacity at Jubail
on the Gulf.