Rabigh Refining & Petrochem shuts down unit
The Tadawul All-Share Index gained 0.17 per cent to 9,449.92 points on Wednesday, March 26. SABIC woke up from its muted trading in the last three days and closed 0.21 per cent to reach SAR117.00. Rabigh Refining and Petrochemical Company (Petro Rabigh) advanced 1.47 per cent to SAR27.60. Earlier in the day, the firm announced the planned shutdown of the Vacuum Gas Oil Hydro Treating Unit. The reason for the shutdown is to replace the catalyst on the mentioned unit. The shutdown will start on March 27, 2014 and will continue for a period of 23 days. “This shutdown is expected to have a negative impact on the gross margin for the second quarter of this year which is estimated at approximately SAR170 million ($45.9m),” said the firm.