Aramco completed the acquisition of an additional 22.5% stake in Petro Rabigh from Sumitomo Chemical for $702m.

Aramco, an integrated energy and chemicals company, completed the acquisition of an additional 22.5% stake in Petro Rabigh, a Saudi Arabia–based company which produces and markets refined hydrocarbon and petrochemicals, from Sumitomo Chemical, a chemical company, for $702m. “Petro Rabigh is a key player in the Kingdom’s downstream sector and this additional investment by Aramco reflects strong belief in its long-term prospects. It also underscores Aramco’s focus on downstream expansion and value creation. We look forward to exploring closer integration with Petro Rabigh, with the aim of unlocking new opportunities and complementing Petro Rabigh’s broader transformation objectives, which include upgrading its product mix, enhancing asset reliability and optimizing operations,” Hussain A. Al Qahtani, Aramco Senior Vice President of Fuels.