Saudi Aramco Acquires Additional Stake in PetroRabigh
A Strategic Partnership
Saudi Aramco, the Saudi Arabian state-owned oil company, has agreed to purchase an additional stake in PetroRabigh, a joint venture with Japanese chemical company Sumitomo Chemical. This move will increase Aramco's ownership of PetroRabigh from 37.5% to 60%.
The acquisition is part of Aramco's broader strategy to expand its downstream operations and become a global leader in the petrochemical sector. PetroRabigh is one of the largest petrochemical companies in the Middle East and operates several refining and petrochemical facilities in Saudi Arabia.
Sumitomo Chemical has been a minority shareholder in PetroRabigh since its establishment in 2005. The company is selling its stake to Aramco as part of its ongoing restructuring efforts. The sale is expected to close later this year, subject to regulatory approvals.
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