Rabigh Refining and Petrochemical Company (Petro Rabigh) announced the signing of a contract yesterday with Jacobs Engineering Group to provide engineering design and project management services in the company's fuel oil development project.
Petro Rabigh said the project will convert low-value fuel oil, which represents approximately 25% of the production of refined derivatives in the Petro Rabigh industrial complex, into diesel and other high-value products of international specifications.
The company's profits decreased last year by 53%, to reach 669 million riyals, compared to profits of 1.42 billion riyals in 2017.
Petro Rabigh, listed on the Saudi market, was established in late 2005 in Mecca.
The company operates in the energy sector and focuses on oil and gas refining and marketing.
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