Saudi Aramco and PETRONAS have signed an agreement for the transfer of Aramco’s equity stakes in Pengerang Refining Company Sdn. Bhd. and Pengerang Petrochemical Company Sdn. Bhd. (collectively known as PRefChem) to PETRONAS. Located within the Pengerang Integrated Complex in Johor, Malaysia, PRefChem will become a wholly owned and operated subsidiary of the PETRONAS Group upon completion of customary closing conditions.
The acquisition will allow PETRONAS to strengthen operational integration and improve flexibility across its value chain by leveraging its global supply network and integrated operating model. For Aramco, the move aligns with its strategy to optimize its downstream portfolio and enhance flexibility for future downstream investments.
The agreement reflects the evolving strategic priorities of both companies. Following the transfer, Aramco and PETRONAS plan to explore further commercial collaborations, including crude oil supply coordination, technology exchange, and integrated product distribution, building on their longstanding partnership.
Both companies remain committed to operational excellence and delivering long-term value to shareholders and the communities they serve, according to a statement from Aramco.
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