Petroliam Nasional Berhad has taken over Saudi Aramco’s full shareholding in Pengerang Refining Company Sdn Bhd and Pengerang Petrochemical Company Sdn Bhd (PRefChem) located at the Pengerang Integrated Complex, Johor.
The acquisition was made through the transfer of PETRONAS’ equity holdings previously held through Aramco Overseas Company BV. Upon completion of the transaction, PRefChem will be fully owned and operated by the PETRONAS group of companies.
The move is expected to enable PETRONAS to increase operational flexibility and strengthen the alignment of its value chain in the refining and petrochemical sectors. The full ownership also provides the company with the space to optimize operations and leverage international supply chains to cope with the changing global energy market.
For Aramco, the sale of the stake is part of the company’s downstream portfolio optimization strategy. The move allows the Saudi Arabian energy company to focus on other investments that are more in line with its strategic plans.
Despite the change in ownership structure, PETRONAS and Aramco are expected to continue to cooperate in several commercial aspects including crude oil supply, technology exchange and integrated petroleum product distribution through a long-term cooperative relationship between the two companies.
