Aramco to acquire an additional 22.5% stake in Petro Rabigh from Sumitomo Chemical for $702m.

Aramco, an integrated energy and chemicals company, agreed to acquire 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. “Aramco continues to identify opportunities to strengthen its downstream value chain, secure placement of its upstream crude oil with affiliated refineries, and convert more of its hydrocarbons into high-value materials. By increasing our shareholding, we expect to achieve even closer integration with Petro Rabigh and facilitate its turnaround strategy. We look forward to building on our existing relationship with Petro Rabigh, in alignment with our strategic goals,” Hussain A. Al Qahtani, Aramco Senior Vice President of Fuels.