en.Wedoany.com Reported - Saudi Aramco has transferred its entire stake in the Pengerang Refining and Petrochemical joint venture project in Malaysia to Petronas, relinquishing control of the complex. Upon completion of the transaction, Petronas will wholly own Pengerang Refining Company Sdn. Bhd. and Pengerang Petrochemical Company Sdn. Bhd., collectively known as PRefChem, thereby gaining control of one of Southeast Asia's largest integrated refining and petrochemical hubs.

The facilities are located within the Pengerang Integrated Complex in Johor, Malaysia. Petronas stated that full ownership will enhance operational consistency across its entire value chain, improve flexibility in navigating the volatile global energy market, and leverage its international supply network and integrated operating model to maintain reliability. For Aramco, this move is part of a strategic reshaping of its downstream business, aimed at freeing up capital and operational flexibility to invest in projects more aligned with its long-term priorities.

Both companies stated that the transaction was completed on mutually agreed terms, reflecting their "evolving strategic priorities." Despite the change in ownership, the decades-long partnership between Aramco and Petronas will continue, with both sides exploring future commercial collaborations, including coordinating crude oil supply, technology exchanges, and integrated product distribution. Aramco and Petronas affirmed their commitment to delivering operational excellence and sustained value for stakeholders and the communities they serve.

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