Business

Saudi Aramco Acquires $702 Million Stake in Petro Rabigh

Aug 7, 2024 1 min read

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Saudi Aramco has agreed to purchase a 22.5% stake in Petro Rabigh from Sumitomo Chemical for $702 million. This acquisition will increase Aramco's stake in the joint venture to 60%, while Sumitomo Chemical's share will be reduced to 15%. Both companies will provide $702 million in funding to Petro Rabigh and waive loans totaling $1.5 billion as part of the transaction.

The deal aligns with Saudi Aramco's strategy to expand its downstream operations and Sumitomo Chemical's shift towards specialty chemicals. The financial restructuring is part of a remedial plan that the companies intend to explore with Petro Rabigh to improve its financial standing.

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