Saudi Arabia's Rabigh Refining and Petrochemical Company (Petro Rabigh) recorded net losses of 4.7 billion riyals in 2023, an increase of 300% from the previous year.

These losses are due to difficult market conditions that affected profit margins for both refined and petrochemical products, high financing costs as a result of high interest rates, and the cessation of production units to perform necessary maintenance work.

The company's accumulated losses in December 2023 amounted to about 6.4 billion Saudi riyals, which represents 38.34% of its capital.

The company took several measures to confront these losses, such as: assessing the company’s financing and liquidity position, reviewing and approving the business plan until 2026, reviewing the founders’ support and economic expectations for two huge projects, evaluating the transformation program that the company began in 2021, and reviewing the economic expectations for the Removing Obstacles (DBN) project. and a diesel hydrotreating (DHT) project.

Petro Rabigh is an example of the challenges faced by refining and petrochemical companies in light of the current economic conditions, and the company’s plans to address accumulated losses demonstrate its commitment to improving its financial performance in the short and long term.