JEDDAH: Saudi Arabia’s Rabigh Refining and Petrochemical Co. (PetroRabigh) expects a negative financial impact of SR300 million ($80 million) from the energy price hikes announced in the 2016 government budget, it said in a bourse statement.

Saudi Kayan Petrochemical Company said changes to energy and gas feedstock prices would increase its production costs by around 8.5 percent.

The company said the changes would start impacting in the first quarter of 2016.

Saudi Kayan says it is looking to minimize the effects through improved efficiencies.