Saudi Aramco has agreed to transfer its equity holdings in the PRefChem refining and petrochemical joint ventures in Johor, southern Malaysia, to Malaysian state-owned Petroliam Nasional Berhad (Petronas).
The equity transfer will end the eight-year-long 50:50 partnership on mutually agreed terms, making PRefChem a wholly owned subsidiary of Petronas, the companies said in a joint statement.
The deal is subject to closing conditions. No financial details were released.
Full ownership will allow Petronas to source crude worldwide and meet regional fuel demand. The move will allow…
