Malaysia’s state-owned oil company Petronas has reportedly taken full ownership of PRefChem, the refining and petrochemical joint venture at the Pengerang integrated complex in Johor, after acquiring Saudi Aramco’s stake in the venture.
Aramco and Petronas reportedly signed an agreement in May to transfer Aramco’s holdings in Pengerang Refining Company Sdn Bhd and Pengerang Petrochemical Company Sdn Bhd — collectively known as PRefChem — to Petronas. Subject to customary closing conditions, PRefChem is expected to become a wholly owned and operated subsidiary of the Petronas group. The original report does not disclose specific financial terms such as the acquisition price or equity percentage.