KUALA LUMPUR — Petronas announced today that its subsidiary, Petronas Refinery and Petrochemical Corporation Sdn Bhd (PRPC) is to acquire equity stakes held by Saudi Arabian Oil Company (Aramco) in Pengerang Refining Company Sdn Bhd and Pengerang Petrochemical Company Sdn Bhd (PRefChem).
PRefChem, which are located within the Pengerang Integrated Complex, Pengerang, Johor, will become wholly owned and operated by the Petronas group of companies, subject to the fulfilment of customary closing conditions.
The national oil company announced the acquisition in a statement this evening, noting that “full ownership of PRefChem strengthens Petronas’ ability to support Malaysia’s long-term energy security and industry resilience”.
The move is part of “operational agility” needed, given recent developments in global energy markets, Petronas said.
“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,” it added.
Petronas and Aramco also issued a joint statement on the signing of the agreement to transfer over Aramco’s equity stakes, which were held via Aramco Overseas Company B.V.
“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,” they said in a joint statement.
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.
“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 supply, technology exchange, and integrated product distribution, building on their multi-decade partnership,” they said.
Separately, Petronas also said crude supply arrangements with Aramco under existing commercial agreements remain unaffected by the acquisition.
Petronas said it 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.
Both companies said they remain focused on delivering operational excellence and sustained value for stakeholders and the communities they serve. – May 25, 2026