DMEA: Aramco becomes majority shareholder in Petro Rabigh

Saudi Aramco has signed a definitive agreement worth $702mn to purchase a 22.5% stake in an integrated refining and petrochemical complex named Rabigh Refining and Petrochemical Co. (Petro Rabigh) from Sumitomo Chemical.

The facility – located on Saudi Arabia’s West coast – was previously owned equally by Aramco and Sumitomo Chemical at 37.5% each. The acquisition will see Aramco’s share rise to 60% (becoming the largest shareholder in Petro Rabigh) and see Sumitomo’s fall to 15%.