SAUDI ARABIA

 

Petro Rabigh Wins $267Mn RAWEC Compensation

 

Saudi petrochemicals producer Petro Rabigh has struck a preliminary deal with utilities provider RAWEC to settle compensation for power and steam outages that caused plant downtime and severely hit 2013 revenues.

Petro Rabigh says the settlement commits RAWEC to pay it over SR1bn ($267mn): SR750mn ($200mn) in cash upon signing the final agreement, a SR190mn ($51mn) reduction in the cost of future supplies, and a...