Saudi Aramco Completes Deal to Raise Petro Rabigh Stake

published:09/10/2025 10:02 GMT

Saudi Aramco said on Thursday it had completed the acquisition of a 22.5% stake in its refining and petrochemicals joint venture Petro Rabigh from Japan's Sumitomo Chemical for 2.63 billion riyals (~US$701 million), part of a turnaround plan for the loss-making venture. The agreement raises Aramco's stake in Petro Rabigh to about 60% and is part of a drive to improve performance at the joint venture, which has posted significant losses in recent years amid a challenging global market for...More