BAKU, Azerbaijan, May 25. Saudi 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.
(PRefChem), located within the Pengerang Integrated Complex in
Johor, Malaysia, Trend reports via Aramco.
Subject to customary closing conditions, the transaction will
result in PRefChem becoming a wholly owned and operated subsidiary
of PETRONAS.
According to the companies, full ownership will allow Petroliam
Nasional Berhad (PETRONAS) to further strengthen operational
integration and flexibility across its value chain, while
leveraging its global supply network and integrated operating model
to maintain reliability under varying market conditions.
For Aramco, the deal forms part of its ongoing strategy to
optimize its downstream portfolio and increase flexibility for
future investments aligned with its long-term downstream
objectives.
The transaction was concluded on mutually agreed terms,
reflecting the evolving strategic priorities of both companies.
Following completion, both parties are expected to explore
continued commercial cooperation, including coordinated crude
supply, technology exchange, and integrated product distribution,
building on their long-standing partnership.
Both companies reaffirmed their commitment to operational
excellence and delivering sustained value to stakeholders and local
communities.
