PETRONAS to assume full ownership of PRefChem from Aramco

A composite picture of the PETRONAS and Aramco logos.

By DayakDaily Team

KUCHING, May 25: Petroliam Nasional Berhad (PETRONAS), a progressive energy and solutions partner, and Saudi Arabian Oil Company (Aramco), one of the world’s leading integrated energy and chemicals companies, today announced the signing of an agreement for the transfer of Aramco’s equity stakes in Pengerang Refining Company Sdn Bhd and Pengerang Petrochemical Company Sdn Bhd (collectively PRefChem), located within the Pengerang Integrated Complex, Pengerang, Johor to PETRONAS.

According to a joint media release, the transfer will make PRefChem a wholly owned and operated subsidiary of the PETRONAS Group.

“Full ownership of PRefChem enables PETRONAS to further enhance operational alignment and flexibility across its value chain while harnessing its international supply network and integrated operating model to support continued reliability across varying market conditions.

“For Aramco, the transaction supports the strategic optimisation of its downstream portfolio, providing the company with additional flexibility to pursue investments aligned with its downstream strategy,” said the media release.

The transaction was concluded on mutually agreed terms, reflecting the evolving strategic priorities of both parties.

PETRONAS and Aramco will actively explore commercial arrangements following the transfer, including coordinated crude oil supply, technology exchange, and integrated product distribution, building on their multi-decade partnership.

“PETRONAS and Aramco will remain focused on delivering operational excellence and sustained value for stakeholders and the communities they serve,” it said.

Meanwhile, in its own media release, PETRONAS said that recent developments in global energy markets have underscored the importance of operational agility for energy infrastructure of strategic national significance.

“Full ownership of PRefChem strengthens PETRONAS’ ability to support Malaysia’s long-term energy security and industry resilience,” said PETRONAS.

This acquisition will enable PETRONAS to take full control and further enhance operational alignment and flexibility across PRefChem’s value chain, while harnessing its international oil supply network and integrated operating model to support continued reliability and resilience across varying market conditions.

Separately, crude supply arrangements between Aramco and PETRONAS under existing commercial agreements remain unaffected by this transaction.

“PETRONAS remains steadfast in its commitment to Malaysia’s energy security and to building the international presence and partnerships that will position Malaysia as a progressive energy nation for decades to come.” — DayakDaily