Petronas, Aramco announce transfer of full ownership of PRefChem to Petronas
Petronas and Aramco finalized an agreement transferring Aramco’s full equity stakes in PRefChem, a refinery and petrochemical complex in Pengerang, Johor, to Petronas, making it wholly owned. The deal aligns with Petronas’ operational strategy and Aramco’s downstream portfolio optimization, with both companies planning future commercial collaborations.
Petronas and Saudi Aramco announced on May 25 the completion of a deal transferring Aramco’s equity in Pengerang Refining Company Sdn Bhd (PRefChem) to Petronas. The transaction involves Aramco Overseas Company B.V.’s stakes in both the refining and petrochemical divisions of PRefChem, located at the Pengerang Integrated Complex in Johor, Malaysia. Subject to customary closing conditions, Petronas will assume full ownership and operational control of PRefChem. The move allows Petronas to strengthen its operational alignment and flexibility across its value chain, leveraging its global supply network and integrated operations to maintain reliability amid market fluctuations. For Aramco, the deal supports its downstream portfolio optimization, providing flexibility to focus on investments aligned with its strategic goals. Both companies emphasized that the transaction reflects their evolving priorities while preserving a long-standing partnership. Following the transfer, Petronas and Aramco will explore commercial arrangements, including coordinated crude supply, technology exchange, and integrated product distribution. The agreement underscores their commitment to operational excellence and delivering sustained value for stakeholders and local communities.
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