Petroliam Nasional Berhad (PETRONAS; Kuala Lumpur, Malaysia) and Aramco (Dhahran, Saudi Arbia) announced the signing of an agreement for the transfer of Aramco’s equity stakes in Pengerang Refining Company Sdn. Bhd. and Pengerang Petrochemical Company Sdn. Bhd. (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 optimization of its downstream portfolio, providing the company with additional flexibility to pursue investments aligned with its downstream strategy.
The transaction was concluded on mutually agreed terms, reflecting the evolving strategic priorities of both parties. PETRONAS and Aramco 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.