Petro Rabigh receives SAR 2.84 bln from RAWEC as early repayment of loan

Logo of Petro Rabigh

Rabigh Refining and Petrochemical Co. (Petro Rabigh) received, on Dec. 30, 2021, from Rabigh Arabian Water and Electricity Co. (RAWEC) SAR 2.84 billion ($756 million), the company said in a statement to Tadawul.

The amount is an early repayment of a loan provided by Petro Rabigh for RAWEC through financing facilities to build RAWEC’s plants for water, steam, and power.

In turn, Petro Rabigh will pay the said amount to reduce its debt. The positive impact of this early repayment will enhance Petro Rabigh’s debt-to-equity ratio, the statement concluded.

In 2005, Saudi Aramco and Sumitomo Chemical started the Petro Rabigh Project with the aim of building integrated oil refining and petrochemical operations by way of upgrading Saudi Aramco’s oil refinery and constructing a new petrochemical complex, the Rabigh Complex.

The project company, RAWEC, was established to own, operate and maintain an Independent Water, Steam and Power Plant.

ACWA Power owns 74% of RAWEC.