Sigma Capital

25-05-2026

Saudi Aramco and Petronas announce the transfer of full ownership of the Prefchem project to Petronas

Source: MIST

SPA-


Saudi Aramco and Petroliam Nasional Berhad (Petronas) announced today the signing of an agreement to transfer Saudi Aramco’s shares in Pengerang Refining Sdn Bhd and Pengerang Petrochemical Company Sdn Bhd (collectively, “PREFChem”), located in the Pengerang Integrated Complex in Pengerang, Johor, Malaysia, to Petronas.

The transfer is subject to customary closing conditions, and will make PREFChem a wholly owned and operated subsidiary of the Petronas Group.

Petronas’ full ownership of PREFChem will enhance operational compatibility and resilience across its value chain, while leveraging its international supply chain and integrated operating model to support continued reliability in a dynamic market environment. This transaction supports Saudi Aramco’s efforts to develop its refining, chemicals, and marketing portfolio, providing the company with greater flexibility to pursue investments aligned with its strategy in this sector.

The transaction was concluded on mutually agreed terms, reflecting the evolving strategic priorities of both parties. Saudi Aramco and Petronas will work closely together to explore post-transfer commercial arrangements, including coordinating crude oil supplies, sharing technology, and integrating product distribution, building on their decades-long partnership.

Saudi Aramco and Petronas will continue to focus on achieving operational excellence and delivering sustainable value to their shareholders and the communities they serve.