Petronas To Fully Acquire PRefChem After Aramco Transfers Equity Stakes
KUALA LUMPUR: Petroliam Nasional Berhad (Petronas) and Saudi Arabian Oil Company (Aramco) have announced the signing of an agreement involving the transfer of Aramco’s equity stakes in two major PRefChem companies to Petronas.
Under the agreement, the stakes held through Aramco Overseas Company B.V. in Pengerang Refining Company Sdn Bhd and Pengerang Petrochemical Company Sdn Bhd will be fully transferred to Petronas.
The two companies are collectively known as PRefChem, which operates within the Integrated Pengerang Complex in Johor.
According to a joint statement issued by both companies, subject to the fulfilment of customary closing conditions, PRefChem will become fully owned and operated by the Petronas group of companies.
Move Expected To Improve Operational Flexibility
Petroliam Nasional Berhad said the full acquisition would allow the company to further strengthen operational alignment and flexibility across its value chain.
The move is also expected to enable Petronas to leverage its international supply network and integrated operating model to maintain operational reliability amid varying global market conditions.
For Saudi Arabian Oil Company, the transaction supports the strategic optimisation of its downstream portfolio while providing greater flexibility to pursue future investments aligned with its downstream business strategy.
Both companies stated that the agreement was concluded on mutually agreed terms reflecting the evolving strategic priorities of both energy giants.
Strategic Cooperation To Continue
Despite the ownership transfer, both companies are expected to continue exploring commercial collaborations in the future.
Potential cooperation areas include coordinated crude oil supply arrangements, technology exchange and integrated product distribution.
The companies also reaffirmed their commitment to maintaining operational excellence and delivering sustainable value to stakeholders and surrounding communities.
PRefChem Part Of Johor’s Major Oil And Gas Hub
PRefChem forms part of the Pengerang Integrated Petroleum Complex (PIPC), one of Malaysia’s key downstream oil and gas hubs developed under the Johor-Singapore Special Economic Zone (JS-SEZ).
The complex houses oil refineries, oil storage facilities, petrochemical plants and petrochemical manufacturing operations spanning approximately 9,269 hectares with a long-term 25-year development plan.
