• ⁠Aramco and PETRONAS to continue exploring strategic cooperation following the transfer 

DHAHRAN – Aramco, one of the world’s leading integrated energy and chemicals companies, and Petroliam Nasional Berhad (PETRONAS) today announced the signing of an agreement for the transfer of Aramco’s equity stakes in Pengerang Refining Company Sdn. Bhd. and Pengerang Petrochemical Company Sdn. Bhd. (collectively, “PRefChem”), located within the Pengerang Integrated Complex, Pengerang, Johor to PETRONAS. Subject to customary closing conditions, the transfer will make PRefChem a wholly owned and operated subsidiary of the PETRONAS Group.

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. 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.

The transaction was concluded on mutually agreed terms, reflecting the evolving strategic priorities of both parties. 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.

Aramco and PETRONAS will remain focused on delivering operational excellence and sustained value for stakeholders and the communities they serve.

Aramco Contact Information
Media Relations: media.inquiries@aramco.com
 @aramco

About Aramco

As one of the world’s leading integrated energy and chemicals companies, our global team is dedicated to creating impact in all that we do, from providing crucial oil supplies to developing new energy technologies. We focus on making our resources more dependable, more sustainable and more useful, helping to promote growth and productivity around the world. https://www.aramco.com

About PETRONAS

As a global energy and solutions partner, PETRONAS is driven by its purpose to enrich lives for a sustainable future. With presence in over 100 countries, the Group continues expanding its portfolios ranging from conventional and cleaner energy solutions to a diverse range of fuel, lubricants, and petrochemical products. While ensuring sustainable practices across its operations, PETRONAS strives to ensure just and equitable outcomes in transitioning towards a lower carbon future.

For more information, please contact:
Esha Lim Hwee Nee | eshalim.hweenee@petronas.com
Nabil Basaruddin | nabil.basaruddin@petronas.com

Disclaimer

The press release contains forward-looking statements. All statements other than statements relating to historical or current facts included in the press release are forward-looking statements. Forward-looking statements give the Company’s current expectations and projections relating to its capital expenditures and investments, major projects, upstream and downstream performance, including relative to peers. These statements may include, without limitation, any statements preceded by, followed by or including words such as “target,” “believe,” “expect,” “aim,” “intend,” “goal,” “may,” “anticipate,” “estimate,” “plan,” “project,” “can have,” “likely,” “should,” “could,” and other words and terms of similar meaning or the negative thereof. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the Company’s control that could cause the Company’s actual results, performance or achievements to be materially different from the expected results, performance, or achievements expressed or implied by such forward-looking statements, including the following factors: global supply, demand and price fluctuations of oil, gas and petrochemicals; global economic conditions; competition in the industries in which Saudi Aramco operates; climate change concerns, weather conditions and related impacts on the global demand for hydrocarbons and hydrocarbon-based products; risks related to Saudi Aramco’s ability to successfully meet its ESG targets, including its failure to fully meet its GHG emissions reduction targets by 2050; conditions affecting the transportation of products; operational risk and hazards common in the oil and gas, refining and petrochemicals industries; the cyclical nature of the oil and gas, refining and petrochemicals industries; political and social instability and unrest and actual or potential armed conflicts in the MENA region and other areas; natural disasters and public health pandemics or epidemics; the management of Saudi Aramco’s growth; the management of the Company’s subsidiaries, joint operations, joint ventures, associates and entities in which it holds a minority interest; Saudi Aramco’s exposure to inflation, interest rate risk and foreign exchange risk; risks related to operating in a regulated industry and changes to oil, gas, environmental or other regulations that impact the industries in which Saudi Aramco operates; legal proceedings, international trade matters, and other disputes or agreements; and other risks and uncertainties that could cause actual results to differ from the forward-looking statements in this press release, as set forth in the Company’s latest periodic reports filed with the Saudi Exchange. For additional information on the potential risks and uncertainties that could cause actual results to differ from the results predicted please see the Company’s latest periodic reports filed with the Saudi Exchange. Such forward-looking statements are based on numerous assumptions regarding the Company’s present and future business strategies and the environment in which it will operate in the future. The information contained in the press release, including but not limited to forward-looking statements, applies only as of the date of this press release and is not intended to give any assurances as to future results. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to the press release, including any financial data or forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law or regulation. No person should construe the press release as financial, tax or investment advice. Undue reliance should not be placed on the forward-looking statements.