The j.v. between Saudi Arabian Saudi Aramco and Japanese Sumitomo Chemical currently is experiencing satisfactory refining profits and healthy crack spreads. However, PetroRabigh warned that ongoing turmoil around the world—e.g., the Japanese earthquake and nuclear disaster, unrest in the Middle East, and surging oil prices— could pressure the global economy and discourage demand for oil products. The j.v. produces 360K b/d of refined fuels and 2.4MM mt/y of petrochemicals at its 425K-b/d refinery/PC complex. According to Reuters, complex margins for processing Dubai crude in Singapore were around $8.93/bbl on April 5; over the past year, an average margin of $5.22/bbl was recorded.
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