Saudi Arabia's Petro Rabigh reported its first quarterly profit since Q2 2022, benefiting from market disruptions due to the closure of the Strait of Hormuz. The refinery's strategic location on the Red Sea allowed it to avoid operational disruptions faced by other Middle Eastern refineries. The joint venture, primarily owned by Saudi Aramco, underwent a major restructuring last year, leading to new capital injections and a waiver of shareholder loans.
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