Saudi Aramco and Petroliam Nasional Berhad ( Petronas ) have signed an agreement for the transfer of Aramco’s equity stakes in Pengerang Refining Company and Pengerang Petrochemical Company ( collectively, PRefChem ), located within the Pengerang Integrated Complex in Pengerang, Johor.  

Subject to customary closing conditions, the transfer will make PRefChem a wholly owned and operated subsidiary of the Petronas Group. 

Full ownership of PRefChem will enable Malaysia's national oil and gas corporation 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, according to Petronas.

For Aramco, the transaction supports the strategic optimization of its downstream portfolio, providing the company with additional flexibility to pursue investments aligned with its downstream strategy. 

Aramco and Petronas will actively explore commercial arrangements following the transfer, including coordinated crude oil supply, technology exchange, and integrated product distribution, building on their multi-decade partnership.