Aramco transfers full ownership in PRefChem to Petronas

SAUDI ARAMCO
2222 0.14% 27.90 0.04

Riyadh – Mubasher: Saudi Arabian Oil Company (Aramco) and Petroliam Nasional Berhad (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.

Subject to customary closing conditions, the transfer will make PRefChem a wholly owned and operated subsidiary of Petronas Group, according to an official statement by Aramco.

For Aramco, the equity transfer transaction supports the strategic optimization of its downstream portfolio. It also provides the Saudi listed oil giant with additional flexibility to pursue investments aligned with its downstream strategy.

Meanwhile, 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.

The transaction was concluded on mutually agreed terms, which reflects the evolving strategic priorities of both parties.

Aramco and Petronas will actively explore commercial arrangements following the transfer. These include coordinated crude oil supply, technology exchange, and integrated product distribution, building on their multi-decade partnership.

It is worth noting that PRefChem is located within the Pengerang Integrated Complex, Pengerang, Johor.

In the first quarter (Q1) of 2026, Aramco generated revenue worth SAR 433.10 billion and net profit of SAR 120.13 billion.

Source: Mubasher Source: {{details.article.source}}