Riyadh – Mubasher: Rabigh Refining and Petrochemical Co. (Petro Rabigh) has signed a contract with US-based Jacobs Engineering Group for the design and management of the Saudi company’s fuel oil development project.
The project will transform low-quality fuel oil to diesel and a group of other high-quality projects, Rabigh said in a bourse statement on Wednesday.
The financial impact of the deal will be disclosed later, the Saudi-listed company added.
Petro Rabigh reported a 53% year-on-year decrease in profits for the full fiscal year of 2018, as the company’s net profits after calculating Zakat and Tax amounted to SAR 669 million ($178.36 million).
