Aramco, one of the world’s leading integrated energy and chemicals companies, and Petroliam Nasional Berhad (Petronas) announced the signing of an agreement for the transfer of Aramco’s equity stakes in Pengerang Refining Company and Pengerang Petrochemical Company (collectively, “PRefChem”), located within the Pengerang Integrated Complex, Pengerang, Johor to Petronas.

Subject to customary closing conditions, the transfer will make PRefChem a wholly owned and operated subsidiary of the Petronas Group.

Full ownership of PRefChem enables Petronas to further enhance operational alignment and flexibility across its value chain while harnessing its international supply network and integrated operating model to support continued reliability across varying market conditions.

For Aramco, the transaction supports the strategic optimisation of its downstream portfolio, providing the company with additional flexibility to pursue investments aligned with its downstream strategy.

Aramco and Petronas will actively explore commercial arrangements following the transfer, including coordinated crude oil supply, technology exchange, and integrated product distribution, building on their multi-decade partnership. -OGN/TradeArabia News Service