Saudi PetroRabigh Q3 net loss widens 18 pct

Saudi Arabia's PetroRabigh said on Wednesday it's third quarter net loss widened by 18 percent as maintenance work at the refinery cut sales.

The joint venture of state-owned oil company Saudi Aramco and Japan's Sumitomo Chemical reported a net loss of 280.6 million riyals ($74.81 million) for the period ended Sept. 30. That compares to 237.2 million riyals in the prior-year period.

"The reason for the increase in net loss in the third quarter, compared to the same quarter of the previous year, is due to the extension of the periodical maintenance until August 15, 2011, when all facilities became fully operational," PetroRabigh said in a statement.

PetroRabigh started operations at its $10.1 billion complex in 2009. Aramco and Sumitomo Chemical each have 37.5-percent stakes in the joint venture, while the rest is publicly held.

The refinery, which caters mainly to the Saudi, European and North African markets, can process 400,000 barrels of crude per day, accounting for about 19 percent of Saudi Arabia's total refining capacity.